Le changement journalistique - Les Cahiers du Journalisme

24
"#$ %&'(#)$ *+ ,-+).&"($/# 0)#%'#)%'#$ )MR Le changement journalistique : un examen de ses dynamiques dialectique et autoréférentielle en Amérique du Nord Philippe Rodrigues-Rouleau, Université d’Ottawa )]$+/] "2 7A;82?3 >A3=@:2 7A47482 5? @><A2 >?>:g3=D52 <5 @J>?B262?3 \45A?>:=83=D52 D5= 47KA2 5?2 \4?@3=4? 2?3A2 <25C <g?>6=D528H "> 7A26=KA2 <2 @28 <g?>6=D528 283 <=>:2@3=D529 85=F>?3 :E=<;2 82:4? :>D52::2 :2 \45A?>:=862 82 3A>?8G4A62A>=3 8458 :E2GG23 <E>?3>B4?=8628 2?3A2 ;:;62?38 @4?3A>=A28H dA;@=8;62?39 :28 =??4F>3=4?8 <5 \45A?>:=862 <;@45:2A>=2?3 <2 32?8=4?8 2?3A2 <28 7A>3=D528 \45A?>:=83=D528 23 <28 @4?32C328 <E2C2A@=@2 >77>A>=88>?3 @4662 =?><>73;8 745A @28 7A>3=D528H "> 82@4?<2 <g?>6=D52 7253 [3A2 D5>:=G=;2 <E>534A;G;A2?3=2::29 2? @2 D52 :28 =??4F>3=4?8 D52 :2 \45A?>:=862 =?3KBA2 Z 84? A;72A34=A2 745A >33;?52A :28 32?8=4?8 8E=?87=A2A>=2?3 I=2? 845F2?3 <2 828 7A47A28 7A>3=D528 >?@=2??28H d45A =::583A2A :> 6>?=G283>3=4? <2 @28 <25C <g?>6=D5289 :E>A3=@:2 >?>:g82 3A4=8 @A=828 D5= 4?3 >B=3; :28 6;<=>8 <E=?G4A6>3=4? <275=8 :> 82@4?<2 64=3=; <5 ÇÇ 2 8=K@:2 2? &6;A=D52 <5 .4A< W :> @A=82 <2 :E4I\2@3=F=3;9 <5 64<K:2 4AB>?=8>3=4??2: 23 <2 :> :;B=3=6=3; <28 \45A?>:=8328H "E>A3=@:2 @4?@:53 7>A 5?2 >?>:g82 <2 :> 7A472?8=4? <5 \45A?>:=862 Z :E>534A;G;A2?@2H %2::20@= 623 2? 2C2AB52 :> <=GG=@5:3; <5 8g83K62 \45A?>:=83=D52 Z 82 72?82A 23 Z 72?82A :2 64?<2 J4A8 <2 828 AKB:28 @4?83=353=F289 23 8E=?32AA4B2 85A :28 7=8328 <E=??4F>3=4?8 D5= 72A6233A>=2?3 Z @2:5=0@= <E=?83>5A2A <28 7A>3=D528 8>?8 :=2?8 A2@4??>=88>I:28 >F2@ 84? 7>88;H &b$a)&%a aJ2 7A282?3 >A3=@:2 85BB2838 >? >?>:g3=@>: GA>62t4Ae 4G @J>?B2 =? \45A?>:=86 3J>3 6>e28 3J2 \5?@3=4? I23t22? 3t4 <g?>6=@8H aJ2 G=A83 <g?>6=@ =8 <=>:2@3=@>:9 =? 3J>3 \45A?>:=83=@ @J>?B2 @>? I2 @4?8=<2A2< >8 3J2 A285:3 4G >?3>B4?=868 I23t22? 47748=32 G4A@28H $72@=G=@>::g9 3J2 =??4F>3=4?8 4G \45A?>:=86 6>g I2 822? >8 83266=?B GA46 32?8=4?8 I23t22? \45A?>:=83=@ 7A>@3=@28 >?< 3J2 8226=?B:g =?><2D5>32 @4?32C3 t=3J=? tJ=@J 3J282 7A>@3=@28 3>e2 7:>@2H aJ2 82@4?< <g?>6=@ @>? I2 <28@A=I2< >8 82:G0 A2G2A2?3=>:9 G4A 3J2 ?2t 7A>@3=@28 =3 =?@4A74A>328 34 =38 A272A34=A2 =? 4A<2A 34 >::2F=>32 32?8=4?8 4G32? 8226 34 <A>t =?87=A>3=4? GA46 G4A62A 4?28H a4 =::583A>32 3J2 6>?=G283>3=4? 4G 3J282 3t4 <g?>6=@89 3J2 >A3=@:2 :44e8 =?34 3JA22 @A=828 3J>3 J>F2 8J>e2? 3J2 ?2t8 62<=> =? .4A3J &62A=@> 8=?@2 3J2 82@4?< J>:G 4G 3J2 ÇÇ2 @2?35AgH aJ282 >A2 A2:>32< 34 4I\2@3=F=3g9 3J2 t4Ae 4AB>?=r>3=4? >?< 3J2 :2B=3=6>@g 4G \45A?>:=838H aJ2 >A3=@:2 G2>35A28 =? =38 @4?@:58=4? >? >?>:g8=8 4G 3J2 =?@:=?>3=4? 4G \45A?>:=86 G4A 82:G0A2G2A2?@2 3J>3 5?<2A:=?28 =38 <=GG=@5:3g 34 3J=?e >I453 =382:G >?< 3J2 t4A:< >A45?< 4538=<2 4G 3J2 A5:28 3J>3 @4?83=3532 =38 8g8326H aJ2 @4?@:58=4? >:84 74?<2A8 4F2A 7432?3=>: >A2>8 4G =??4F>3=4? 3J>3 @45:< J2:7 3J2 \45A?>:=83=@ 8g8326 283>I:=8J 7A>@3=@28 t=3J ?4 A2@4B?=r>I:2 3=28 34 =38 7>83H

Transcript of Le changement journalistique - Les Cahiers du Journalisme

! "#$!%&'(#)$!*+!,-+).&"($/#!0!)#%'#)%'#$! )MR!

Le changement journalistique : un examen de ses dynamiques dialectique et autoréférentielle en Amérique du Nord

Philippe Rodrigues-Rouleau, Université d’Ottawa

!

)]$+/]!!!!

"2! 7A;82?3! >A3=@:2! 7A47482! 5?! @><A2! >?>:g3=D52! <5! @J>?B262?3! \45A?>:=83=D52! D5=!

47KA2! 5?2! \4?@3=4?! 2?3A2! <25C! <g?>6=D528H! ">! 7A26=KA2! <2! @28! <g?>6=D528! 283!

<=>:2@3=D529! 85=F>?3! :E=<;2! 82:4?! :>D52::2! :2! \45A?>:=862! 82! 3A>?8G4A62A>=3! 8458! :E2GG23!

<E>?3>B4?=8628! 2?3A2! ;:;62?38! @4?3A>=A28H! dA;@=8;62?39! :28! =??4F>3=4?8! <5!

\45A?>:=862! <;@45:2A>=2?3! <2! 32?8=4?8! 2?3A2! <28! 7A>3=D528! \45A?>:=83=D528! 23! <28!

@4?32C328! <E2C2A@=@2! >77>A>=88>?3! @4662! =?><>73;8! 745A! @28! 7A>3=D528H! ">! 82@4?<2!

<g?>6=D52! 7253! [3A2! D5>:=G=;2! <E>534A;G;A2?3=2::29! 2?! @2! D52! :28! =??4F>3=4?8! D52! :2!

\45A?>:=862! =?3KBA2! Z! 84?! A;72A34=A2! 745A! >33;?52A! :28! 32?8=4?8! 8E=?87=A2A>=2?3! I=2?!

845F2?3! <2! 828! 7A47A28! 7A>3=D528! >?@=2??28H! d45A! =::583A2A! :>! 6>?=G283>3=4?! <2! @28!

<25C!<g?>6=D5289! :E>A3=@:2!>?>:g82!3A4=8!@A=828!D5=!4?3!>B=3;! :28!6;<=>8!<E=?G4A6>3=4?!

<275=8!:>!82@4?<2!64=3=;!<5!ÇÇ2!8=K@:2!2?!&6;A=D52!<5!.4A<!W!:>!@A=82!<2!:E4I\2@3=F=3;9!

<5!64<K:2!4AB>?=8>3=4??2:!23!<2!:>!:;B=3=6=3;!<28!\45A?>:=8328H!"E>A3=@:2!@4?@:53!7>A!5?2!

>?>:g82!<2! :>!7A472?8=4?!<5!\45A?>:=862!Z!:E>534A;G;A2?@2H!%2::20@=!623!2?!2C2AB52!:>!

<=GG=@5:3;! <5! 8g83K62! \45A?>:=83=D52! Z! 82! 72?82A! 23! Z! 72?82A! :2! 64?<2! J4A8! <2! 828!

AKB:28! @4?83=353=F289! 23! 8E=?32AA4B2! 85A! :28! 7=8328! <E=??4F>3=4?8! D5=! 72A6233A>=2?3! Z!

@2:5=0@=!<E=?83>5A2A!<28!7A>3=D528!8>?8!:=2?8!A2@4??>=88>I:28!>F2@!84?!7>88;H!!

!!

&b$a)&%a!!!!

aJ2! 7A282?3! >A3=@:2! 85BB2838! >?! >?>:g3=@>:! GA>62t4Ae! 4G! @J>?B2! =?! \45A?>:=86! 3J>3!

6>e28! 3J2! \5?@3=4?! I23t22?! 3t4! <g?>6=@8H! aJ2! G=A83! <g?>6=@! =8! <=>:2@3=@>:9! =?! 3J>3!

\45A?>:=83=@!@J>?B2!@>?!I2!@4?8=<2A2<!>8!3J2!A285:3!4G!>?3>B4?=868!I23t22?!47748=32!

G4A@28H! $72@=G=@>::g9! 3J2! =??4F>3=4?8! 4G! \45A?>:=86! 6>g! I2! 822?! >8! 83266=?B! GA46!

32?8=4?8!I23t22?! \45A?>:=83=@!7A>@3=@28!>?<!3J2!8226=?B:g! =?><2D5>32!@4?32C3!t=3J=?!

tJ=@J! 3J282! 7A>@3=@28! 3>e2! 7:>@2H! aJ2! 82@4?<! <g?>6=@! @>?! I2! <28@A=I2<! >8! 82:G0

A2G2A2?3=>:9!G4A!3J2!?2t!7A>@3=@28!=3!=?@4A74A>328!34!=38!A272A34=A2!=?!4A<2A!34!>::2F=>32!

32?8=4?8! 4G32?! 8226! 34! <A>t! =?87=A>3=4?! GA46! G4A62A! 4?28H! a4! =::583A>32! 3J2!

6>?=G283>3=4?! 4G! 3J282! 3t4! <g?>6=@89! 3J2! >A3=@:2! :44e8! =?34! 3JA22! @A=828! 3J>3! J>F2!

8J>e2?! 3J2! ?2t8!62<=>! =?!.4A3J! &62A=@>! 8=?@2! 3J2! 82@4?<! J>:G! 4G! 3J2! ÇÇ2! @2?35AgH!

aJ282! >A2! A2:>32<! 34! 4I\2@3=F=3g9! 3J2! t4Ae! 4AB>?=r>3=4?! >?<! 3J2! :2B=3=6>@g! 4G!

\45A?>:=838H! aJ2! >A3=@:2! G2>35A28! =?! =38! @4?@:58=4?! >?! >?>:g8=8! 4G! 3J2! =?@:=?>3=4?! 4G!

\45A?>:=86!G4A!82:G0A2G2A2?@2!3J>3!5?<2A:=?28!=38!<=GG=@5:3g!34!3J=?e!>I453!=382:G!>?<!3J2!

t4A:<! >A45?<! 4538=<2! 4G! 3J2! A5:28! 3J>3! @4?83=3532! =38! 8g8326H! aJ2! @4?@:58=4?! >:84!

74?<2A8! 4F2A! 7432?3=>:! >A2>8! 4G! =??4F>3=4?! 3J>3! @45:<! J2:7! 3J2! \45A?>:=83=@! 8g8326!

283>I:=8J!7A>@3=@28!t=3J!?4!A2@4B?=r>I:2!3=28!34!=38!7>83H!!

)MY ($$.!LQTO0OOTQ!!!$#%-.*#!$])(#9!.+/])-!L!!!!!!!!!!!!!!!

2!\45A?>:=862!<4??2!Z!F4=A!:E=6>B2!<E5?!8>F4=A0G>=A2!A4675!>5C!@J>?B262?38H!+?2!

7A>3=D52!7A4G288=4??2::29!7A;@=8;62?39!<4?3! :28!@4?345A8!826I:2?3!82!64<=G=2A!>5!

BA;!<28!V!'(#40+/#$'0%(,),.#!X9!<28!V!"::".#$'"$%0'" n4+-.+/"-#*$&40,0%(@+"#*$50-(.(@+"#*$#04()+Eo!X! 23! <28! I45:2F2A8262?38! <>?8! :28! V!40,'(.(0,#$ 40,4/<."#$ ".$ %).&/("--"#$ '"#$5/04"##+#$ '"$ 5/0'+4.(0,$ '"$ -3(,:0/%).(0,!X! P"2! %>69! d2A2=A>! 23! )52::>?9! QOLc9! 7H!TUH!d45A!>53>?39!:28!G>@325A8!=@=!;F4D5;8!?2!8>5A>=2?3!2C7:=D52A!=84:;62?3!:28!6;@>?=8628!

D5=! 7A;8=<2?3! >5C! 6;3>64A7J4828! <5! \45A?>:=8629! 8>5G! Z! @4?<5=A2! Z! 5?2! >?>:g82!

8466>=A2! 4l! :28! @J>?B262?38! <2! 7A>3=D528! 82A>=2?3! @4?8=<;A;8! @4662! :28! 8=67:28!

2GG238!<2!@>5828!2C3;A=25A28H!!

d45A!;F=32A!@23!;@52=:9!=:!=674A32!<E><4732A!5?2!F=8=4?!Z!:>!G4=8!B:4I>:2!23!'X,)%(@+"$<5!@J>?B262?3!\45A?>:=83=D52H!(:!G>53!<E>I4A<9!@4662!:2!85BBKA2!">F=::2!PQOONU9!V!%"../"$A$ ?0+/$ -"#$ &-&%",.#$ @+(*$ 40%7(,&#$ ",#"%7-"*$ :0/%",.$ +,"$ 40,:(;+/).(0,$ 5)/.(4+-(</"$",./)l,),.$+,$46),;"%",.$'"#$5/).(@+"#*$ '"#$40,.",+#$".$'"#$ :0/%).#$ ?0+/,)-(#.(@+"#!X!PQ1QUH!#3!=:!G>539!2?85=329!@46I:2A!:2!F=<2!D52!G>=3!>77>A>m3A2!@2332!6;3J4<29!:>D52::2!2?!

<=3! 725! 85A! :>! <g?>6=D52! 2C>@32! D5=! 85AF=2?3! 2?3A2! :E;62AB2?@2! <E5?2! ?45F2::2!

V!40,:(;+/).(0,!X! P">F=::29! QOONU! 23! :>!6>3;A=>:=8>3=4?! <5! @J>?B262?3! 8458! G4A62! <2!?45F2>5C!@4?32?589!8>F4=A0G>=A29!64<28!<E4AB>?=8>3=4?!<5!3A>F>=:9!23@H!!

&=?8=9!<>?8! :E>A3=@:2!D5=!85=39!82A>!@4?8=<;A;2! :EJg743JK82!<=>:2@3=D52!32::2!D52!<;@A=32!

7>A! :2! 84@=4:4B52! <28! 4AB>?=8>3=4?8! s>A23J!/4AB>?! PLMTYwLMMMU! @4662!64325A! <5!

@J>?B262?3! \45A?>:=83=D52H! "E>77A4@J2!<=>:2@3=D521! 74835:2! D52! :28! 32?8=4?8! 2?3A2!

;:;62?38! @4?3A><=@34=A28! 23! :28! @A=828! D5=! 2?! <;@45:2?3! 84?3! F2@3A=@28! <2!

3A>?8G4A6>3=4?8!<>?8! :28!4AB>?=8>3=4?8! P/4AB>?9!LMTYwLMMMUH! )>774A3;2! >5!7A;82?3!

4I\23!<E>?>:g829!@2332!>77A4@J2!;F4D52!:>!3J;4A=2!<2!%J>AA4?!23!<2!b4?F=::2!PLMMYU!85A!

:E;F4:53=4?! <5! \45A?>:=862H! "25A! 64<K:22! >F>?@2! D52! :28! 653>3=4?8! V!5)/)'(;C

%).(@+"#!X! <5! \45A?>:=862! ?4A<0>6;A=@>=?! 82A>=2?3! 85AF2?528! 7>A! 85=32! <2! 32?8=4?8!2?3A29!<E5?!@i3;9!<28!7A>3=D528!\45A?>:=83=D5289!23!<2!:E>53A29!5?!@4?32C32!<E2C2A@=@2!<5!

6;3=2A! k!5?2! V!40,:(;+/).(0,!X! P">F=::29! QOONU!k! <2F2?5! =?><>73;! 745A! @28! 7A>3=D528H!%J>D52!G4=89!:E=?><;D5>3=4?!2?3A2!:28!7A>3=D528!23!:25A!2?F=A4??262?3!>5A>=3!A;85:3;!<2!

:E>@3=4?! 8=65:3>?;2! <2! 3A>?8G4A6>3=4?8! <2! <=F2A8! 3g728! P2CH!W! ;@4?46=D529!

32@J?4:4B=D529!84@=>:2UH!+:3=6262?39!:28!32?8=4?8!>5A>=2?3!;3;!A;84AI;28!7>A!:E><473=4?!

B;?;A>:=8;2!<2!?45F2::28!7A>3=D528!7>A!:28!>@325A8!<5!6=:=25!\45A?>:=83=D52H!&588=!F4=30

L!"E>77A4@J2!<;@A=32!7>A!/4AB>?!PLMTYwLMMMU!G>=3!;@J4!Z!:>!<=>:2@3=D52!<>?8!8>!<=62?8=4?!

=?32A7A;3>3=F2! <28! A45>B28! D5=! 7A;8=<2?3! >5C! 645F262?38! <2! :E'=834=A29! 23! ?4?! Z! :>!

<=>:2@3=D52!<>?8!8>!<=62?8=4?!AJ;34A=D52!32::2!D5E>A3=@5:;2!7>A!d:>34?H!*>?8!:E>@@273=4?!D5=!

?458! =?3;A28829! 23! D5=! >! ?43>662?3! =?87=A;! :>! A2@J2A@J2! 2?! 8@=2?@2! 4AB>?=8>3=4??2::2!

P/4AB>?9! LMTYwLMMMU9! =:! 283! @4?8=<;A;! D52! :EJ=834=A2! <5! 64?<2! 283! :2! 7A4<5=3! <2! G4A@28!

@4?3A>=A28!W!@J2r!'2B2:!PLTLNwLMNOU9!@2332!<g?>6=D52!3A>?8G4A6>3=4??2::2!82!<45I:2!<E5?2!

G4A62! <2! A;@4?@=:=>3=4?! P45! <2! 8g?3JK82U! 2?3A2! ;:;62?38! @4?3A><=@34=A28!S! @J2r! />AC!

PLTYNwLMYRU9!:2!64?<2!@J>?B2!8>?8!D52!\>6>=8!?2!84=3!<;7>88;2!:E47748=3=4?!2?3A2!@:>8828!

84@=>:289!2?3A2!@>7=3>:=8328!23!7A4:;3>=A28H!!2!(?87=A;!7>A!:>!3J;4A=2!<28!A;F4:53=4?8!8@=2?3=G=D528!<2!z5J?!PLMYQU9!:2!64<K:2!3J;4A=D52!

<2! %J>AA4?! 23! <2! b4?F=::2! 7A47482! 5?! V!#46&%)$ ,)//).(:$ '(>(#{>?3|$ -36(#.0(/"$ '"$ -)$ 5/"##"$,0/'C)%&/(4)(,"$",$ @+)./"$56)#"#$",$)55)/",4"$ '(#.(,4."#$ )+E@+"--"#$40//"#50,'",.$ @+)./"$5)/)'(;%"#$ ?0+/,)-(#.(@+"#!X!W! :2! V!?0+/,)-(#%"$ '"$ ./),#%(##(0,!X9! V!'305(,(0,!X9! V!'3(,:0/C%).(0,!X! 23! <2! V!40%%+,(4).(0,!X! PbA=?9! %J>AA4?! 23! <2! b4?F=::29! QOOc9! 7H!cUH! %J>D52!7>A><=B62!283!@>A>@3;A=8;9!2?3A2!>53A289!7>A!:E58>B2!<2!64<28!<E><A2882!>5!75I:=@!<=83=?@38!

PV!:0,4.(0,$'(#4+/#(>"!XU!PbA=?!23!>:H9!QOOc9!7H!NU9!23!7>A!:>!745A85=32!<E=?32?3=4?8!7>A3=@5:=KA28!PV!>(#&"$'(#4+/#(>"$XU!PbA=?!23!>:U9!QOOc9!7H!LTTUH!!!

"!

! "#$!%&'(#)$!*+!,-+).&"($/#!0!)#%'#)%'#$! )MN!

4?! <>?8! @2! 64<K:2! 3J;4A=D52! :>! 6>?=G283>3=4?! <E5?2! <g?>6=D52! <=>:2@3=D52!

B;?;A>3A=@2!<E=??4F>3=4?8H!!

+?! >53A2! >872@3! <5! @J>?B262?3! \45A?>:=83=D52! <4=3! B5=<2A! :E>?>:g82H! (:! @4?@2A?2! :>!

?>35A2! 2C>@32! <28! =??4F>3=4?8! <;@45:>?3! <28! @A=828H! #?! :E287K@29! 4?! ?2! 8>5A>=3!

7A;82?32A! @2::280@=! @4662! .0.)-"%",.$ ,0+>"--"#9! 8>?8! D54=! 4?! ?2! G2A>=3! D52! A;<5=A2!:E;F4:53=4?! <5! \45A?>:=862! Z! 5?2! 85@@288=4?! :=?;>=A2! <2! I45:2F2A8262?38! 23!

<E=??4F>3=4?8H! +?2! 32::2! 72A872@3=F2! 3A>J=3! 5?2! G4A62! <2! 6g47=2! J=834A=D52H! %>A! =:!

826I:2!7:53i39!@4662!:E;@A=F2?3!"2!%>69!d2A2=A>!23!)52::>?!PQOLcU9!D52!:2!\45A?>:=862!

V!,"$%+."$5)#$:)(#),.$:($'"#$40,'(.(0,#$),.&/("+/"#${6>=8!D5E=:|$#3),4/"$'),#$-3_(#.0(/"*$-)$#(",,"$ 40%%"$ 4"--"$ '"#$ #04(&.&#*$ ".$ 40,#"/>"$ 5)/C'">"/#$ .0+.$ 4"/.)(,"#$ 5"/%),",4"#!X!P7H!TUH!&588=9! <>?8! :28!7>B28! D5=! 85=F2?39! 82A>030=:! >F>?@;! :>! 82@4?<2!Jg743JK82! 82:4?!

:>D52::2! :28! =??4F>3=4?8! <5! \45A?>:=862! 8E=?87=A2A>=2?3! :>AB262?3! <2! 7A>3=D528!

\45A?>:=83=D528!>?@=2??289!@4662!8=!@2!@J>67!7A4G288=4??2:!>F>=3!:2!A;G:2C2!<2!75=82A!

<>?8! 84?! 7>88;! :28! 64g2?8! :5=! 82AF>?3! Z! <;?452A! :28! @A=828! <5! 6462?3H! #?!

@2:>9!!:2!!@J>?B262?3! \45A?>:=83=D52! 8E=?8@A=A>=3! ;B>:262?3! <>?8! 5?2! <g?>6=D52!

>534A;G;A2?3=2::2H!!

&G=?!<E=::583A2A!@2332!<45I:2!<g?>6=D52!<5!@J>?B262?3!\45A?>:=83=D52!k!<=>:2@3=D52!23!

>534A;G;A2?3=2::2!k9! :E>A3=@:2! ;35<=2A>! 3A4=8! @A=828! D5=! 4?3! 82@45;! :28! 6;<=>8!

<E=?G4A6>3=4?!?4A<0>6;A=@>=?8!<5!6=:=25!<5!ÇÇ2!8=K@:2! \58D5EZ!>5\45A<EJ5=H!"E2C>62?!

<2!@28!3A4=8!@A=8289!@2::28!<2!:E4I\2@3=F=3;9!<5!64<K:2!4AB>?=8>3=4??2:!23!<2!:>!:;B=3=6=3;!

<28! \45A?>:=8328! 2?! 84@=;3;9! G2A>! A2884A3=A9! <>?8! 5?! 7A26=2A! 326789! :28! G4A@28!

@4?3A><=@34=A28! Z! :E4A=B=?2! <28! 32?8=4?8! 23! :28! =??4F>3=4?8! >g>?3! ;62AB;! <2! @J>D52!

<g?>6=D52!<=>:2@3=D52H!!

"2!643!(,,0>).(0,!?2!@J>AA=2!=@=!>5@5?2!@4??43>3=4?!748=3=F2!45!>53A29!7>8!7:58!D5E=:!?2!82!A;GKA2!Z!5?2!=?F2?3=4?!<>3;2!23!<43;2!<E5?!@>A>@3KA2!3>?B=I:2H!#3!75=8D5E=:!283!>AB5;!

D52! @28! 32?8=4?8! A2:KF2A>=2?3! <E5?! >?3>B4?=862! 2?3A2! 5?! @4?32C32! <E2C2A@=@2! 2?!

653>3=4?! 23! <28! 7A>3=D528! 7>A>=88>?3! =?><>73;28! Z! @2:5=0@=9! =:! 82A>! G>=39! 745A! @J>D52!

@A=829! @4662! :2! 85BBKA2! ">F=::2! PQOONU9! 5?! 2C>62?! <28! G>@325A8! @4?85I83>?3=2:8! Z!

:E>77>A=3=4?!<28!?45F2>5C!@4?32C328!<E2C2A@=@2H!%2332!7A26=KA2!<=62?8=4?!<2!:E>?>:g82!

F=82!Z!<;7>882A!:>!32?3>3=4?!8=67:=832!<E=?8@A=A2!:2!@J>?B262?3!\45A?>:=83=D52!<>?8!5?2!

:4B=D52!;:;62?3>=A2!<2!@>5828!Z!2GG238H!!

"E;35<2!<28!3A4=8! @A=828!6233A>!2?!2C2AB529!<>?8!5?!<25C=K62!326789! :E=?@:=?>3=4?!<5!

\45A?>:=862!Z!84?<2A!84?!7>88;!745A!A;B:2A! :28!@A=828H! (@=9! :2! 32A62!<2!5/).(@+"#!82A>!53=:=8;! =?<=83=?@3262?3! 745A! <;8=B?2A! <28! 64<28! <E><A2882! >5! 75I:=@9! <28! ?4A628!

<E;@A=35A29! <28! 64<>:=3;8! <E4AB>?=8>3=4?! <5! 3A>F>=:9! <28! 3g728! <2! @4?32?58!

A;<>@3=4??2:8! 23!<28!F>:25A8H!%2332!82@4?<2!<=62?8=4?!<2! :E>?>:g82! =?F=32! Z!A2\232A! :>!

32?3>3=4?! <2! 7A;82?3=8629! Z! 8>F4=A! <;@A=A2! :28! =??4F>3=4?8! <5! \45A?>:=862! @4662!

;3>?3!<;8=?@>A?;28!<2!84?!7>88;H!#3!2::2!85BBKA29!7>A!:2!G>=3!6[629!<2!7482A!5?!A2B>A<!

7:58! ?5>?@;! 85A! :2! @>A>@3KA2! /&>0-+.(0,,)(/"! <28! =??4F>3=4?8! D52! :2! \45A?>:=862!=?3KBA2!Z!84?!A;72A34=A2H!!

&5! G=?>:9! :2! @><A2! >?>:g3=D52! 7A4748;9! :2D52:! 7>A! >=::25A8! 82! F253! @467:;62?3>=A2! Z!

<E>53A28! 72A872@3=F28! <E;35<28! 85A! :2! 85\239! 2?F=8>B2! :28! =??4F>3=4?8! <5! \45A?>:=862!

64=?8! @4662! :28! 40,#&@+",4"#! 7>88=F28! <2! 32?8=4?8! @4?3A><=@34=A289! @4662! :2!85BBKA2?3!2?!@A25C!:28!3A>F>5C!<2!%J>AA4?!23!<2!b4?F=::2!PLMMYU9!23!<>F>?3>B2!@4662!

<28! #0-+.(0,#! =?3A4<5=328! >@3=F262?3! 7>A! :2! @J>67! \45A?>:=83=D52! 2?! A;74?82! >5C!

)MT ($$.!LQTO0OOTQ!!!$#%-.*#!$])(#9!.+/])-!L!!!!!!!!!!!!!!!

32?8=4?8H! -A9! 8=! @28! 84:53=4?8! 725F2?3! [3A2! F528! @4662! :2! GA5=3! <E5?2! F;A=3>I:2!

A;G:2C=4?!7>A! :28!>@325A8! \45A?>:=83=D5289! :25A8!8=6=:=35<28!>F2@! :28!7A>3=D528!7>88;28!

<5! \45A?>:=862!826I:2?3! :>AB262?3! =B?4A;28!7>A!@25C0@=H!%4?8;D52662?39! =:!82A>! =@=!

@4?8=<;A;!D52!:E=?@:=?>3=4?!<5!\45A?>:=862!Z!:E>534A;G;A2?@2!8E>77>A2?32!Z!5?2!A;74?82!

7:58! 45! 64=?8! @4?8@=2?32H! *>?8! 8>! <2A?=KA2! 82@3=4?9! :E>A3=@:2! 82! 72?@J2A>! 7:58!

7>A3=@5:=KA262?3! 85A! :2! @4?@273! 4A=B=?>:! <2! <g?>6=D52! >534A;G;A2?3=2::2H! (:! 2?!

>?>:g82A>! :28! =67:=@>3=4?89!<2!6[62!D52!:>!7488=I=:=3;!745A!:2!8g83K62!\45A?>:=83=D52!

<2!8E2?!<;B>B2A!23!<2!<;F2:4772A!<28!=??4F>3=4?8!D5=!82!<;6>AD52?3!F;A=3>I:262?3!<2!

828!7A>3=D528!7>88;28H!

!"&;-/#0&50&.D)1A0;2/E/2%&

"#!)T(#/,94*!),#.*0+,94*!)*%%,?%*!.#!0%,-*!

">! 7A26=KA2! @A=82! 85A! :>D52::2! 82! 72?@J2! @23! >A3=@:2! 283! @2::2! <2! :E4I\2@3=F=3;H! d45A!

@467A2?<A2! :>! <g?>6=D52! <=>:2@3=D52! <4?3! 2::2! 283! :>! A;85:3>?329! =:! 283! >57>A>F>?3!

?;@288>=A2!<2!A>772:2A!84?!;F4:53=4?!2?!&6;A=D52!<5!.4A<H!%E283!<5A>?3!:2!Ç(Ç2!8=K@:2!

D52! :>!?4A62!<E4I\2@3=F=3;!8E=?83>::2!7A4BA288=F262?3!<>?8! :2!<=8@45A8! \45A?>:=83=D52H!

$28! I>:I53=262?38! 84?3! <E>I4A<! @4?8;@53=G8! Z! :E>FK?262?3! <28! \45A?>5C! 7475:>=A28!

F2A8! LT1O! P5",,X$ 5)5"/#U9! <4?3! :>! A2?3>I=:=3;! 283! A2?<52! 7488=I:2! 7>A! :>! @A4=88>?@2!<;64BA>7J=D529!:E5AI>?=8>3=4?9!:2!3>5C!;:2F;!<E>:7J>I;3=8>3=4?!23!:>!@4?84:=<>3=4?!<E5?!

6>A@J;!<E>??4?@25A8!@>7>I:2!<2!G=?>?@2A!:>!7A4<5@3=4?!<E5?!6;<=56!<2!6>882H!!

%28!75I:=@>3=4?8!82!<=83=?B52?3!7>A!:25A8!32C328!G>@352:89!:4=?!<28!<;I>38!74:=3=D5262?3!

7>A3=8>?8! D5=! @>A>@3;A=8>=2?3! :>!7A2882!\58D520:Z3H! #::28! =?@>A?2?3!>=?8=! :28!7A26=KA28!

32?3>3=F28!<5!\45A?>:=862!<2!82!7:=2A!Z!5?2!G4A62!<E4I\2@3=F=3;49!@2@=9!<>?8!:E473=D52!<2!

A2\4=?<A2! :2!7:58!F>832! :2@34A>3! 23!<E2?BA>?B2A! :2!6>C=656!<2! A2F2?58!75I:=@=3>=A28!

P/=?<=@J9!LMMTUH!!

3! (:! 82A>=3! G>5C!<2!@A4=A2!D52! :28!5",,X$5)5"/#9! 85A3453!<>?8! :25A8!7A26=KA28! =?@>A?>3=4?89!;3>=2?3!343>:262?3!<;?5;8!<2!7>A3=8>?2A=2!74:=3=D52H!-5!2?@4A2!D52!:E4I\2@3=F=3;!g!;3>=3!5?2!

?4A62!7>AG>=3262?3!A2872@3;2!P@J482!D5E2::2!?E>!\>6>=8!;3;!<>?8!84?!J=834=A2UH!.;>?64=?89!

<K8! :25A8! <;I5389! :28!5",,X$ 5/"##! 4?3! @J2A@J;! Z! ;F=32A! :EJg72A! 7>A3=8>?2A=2H! "28! @4?32?58!D5E=:8!7A4748>=2?3!P2CH!W!J=834=A28!@A=6=?2::289!?45F2::28!:4@>:28U!82!7A[3>=2?3!?>35A2::262?3!

Z!5?!3A>=3262?3!\45A?>:=83=D52!<2!3g72!G>@352:!23!64=?8!=<;4:4B=D52!P$@J5<84?9!LMNTUH!!4!$@J5<84?!PLMNTU!623!2?!B>A<2!@4?3A2!3453!A;<5@3=4??=862!32@J?4:4B=D52!45!;@4?46=D52!

8E>B=88>?3! <E2C7:=D52A! :>! 7A4BA288=4?9! Z! 7>A3=A! <5!LM2! 8=K@:29! <2! :E=<;2!<E4I\2@3=F=3;! <>?8! :>!

7A2882! >6;A=@>=?2H! "E>5325A! >33A=I52! <>F>?3>B2! @2332! 7A4BA288=4?! Z! <28! G>@325A8! <E4A<A2!

84@=>:9!2?!7>A3=@5:=2A!:>!7475:>A=8>3=4?!<2!:E;B>:=3>A=862!@4662!7J=:4847J=2!74:=3=D529!<4?3!

:28! =<;>5C! 2?! 6>3=KA2! <2! <;64@A>3=2! PV!N)4^#0,(),$ '"%04/)4X!XU! 4?3! =?G:5;! 85A! :2! 7A4\23!<E5?2! 7A2882! 7475:>=A2! 7A2?>?3! 2?! @46732! :28! =?3;A[38! <2! :E2?826I:2! <2! :>! 7475:>3=4?H!

&=?8=9!<>?8! :>!72?8;2!<2!$@J5<84?9! :E2884A!<2! :>!@:>882!64g2??29! :2!<;@:=?!@4A4::>=A2!<2! :>!

I45AB24=8=2! 23! <2! 828! =?3;A[389! <2!6[62! D5E5?2!7>A3=@=7>3=4?! >@@A52!<2! 3458! :28! @=34g2?8!

<>?8! :>! F=2! ;@4?46=D52! 4?3! ;3;! :28! 7A=?@=7>5C! 64325A8! <5! <;F2:477262?3! <2! \45A?>5C!

BA>?<!75I:=@9!G=?>?@;8!7>A!:>!75I:=@=3;!23!><473>?3!5?!34?!?253A2H!!

/=?<=@J! PLMMTU9! 745A! 8>! 7>A39! @A=3=D52! @2332! F=8=4?! D5=! 826I:2! G>=A2! <2! :E;62AB2?@2! <2!

:E4I\2@3=F=3;! :>! @4?8;D52?@2! <E5?! 2?F=A4??262?3! 84@=>:! <2! 7:58! 2?! 7:58! ;B>:=3>=A2! <>?8!

:2D52:! :28! :=B?28! <2! <;6>A@>3=4?! 2?3A2! @:>8828! 84@=>:28! 82A>=2?3! >77>A528! BA><52::262?3!

G:4528H! d45A! :EJ=834A=2?! <28! 6;<=>89! :E4I\2@3=F=3;! 283! I=2?! <>F>?3>B2! :2! A;85:3>3! <E5?2!

F=4:2?@2!>6I=>?329!@2::2!<2!:E=?;B>:=3;!23!<2!:>!:5332!2?3A2!@:>8828!84@=>:28!>5!LM2!8=K@:2H!#::2!

283!>77>A52!@4662!:>!84:53=4?!k!@2A3>=?262?3!=?@4?8@=2?32!k!<2!:>!7A2882!<E>33;?52A!@2332!

F=4:2?@2!<2!6>?=KA2!<=8@5A8=F29!@4?<=3=4?!=?<=872?8>I:2!745A!:>!A2?3>I=:=3;!<E5?!\45A?>:!<2!

6>882H!!

!

! "#$!%&'(#)$!*+!,-+).&"($/#!0!)#%'#)%'#$! )MM!

">!7A4BA288=4?!<2! :E=<;2!<E4I\2@3=F=3;! A2:KF2!2?85=329!<>?8! :>! 82@4?<2!64=3=;!<5! Ç(Ç2!

8=K@:29! <2! :E>77;3=3! BA>?<=88>?3! <28! :2@325A8! 745A! :28! ?45F2::28! :4@>:28! 23! :28! G>=38!

<=F2A89! @28! @4?32?58!;3>?3! 725! 7A47=@28!>5C!2?F4:;28!7>67J:;3>=A28H!#::2! A2:KF2!7>A!

>=::25A8!<2! :E=?G:52?@2!@A4=88>?32!<2! :>!72?8;2!8@=2?3=G=D52!85A!:E2?826I:2!<28!87JKA28!

<2! :>! 84@=;3;! P">I>8829! QOLRUH! %2332! =?G:52?@2! 82! 6>?=G2832! <>?8! :>! F4:4?3;! <28!

\45A?>:=8328! <2! @4<=G=2A! <>F>?3>B2! :25A8! 6;3J4<28! <2! @4::2@32! 23! <E>?>:g82! <2!

:E=?G4A6>3=4?9! A2:;B5>?3! >5! 82@4?<! 7:>?! :28! @4?8=<;A>3=4?8! 7J=:4847J=D528! 45!

A2:=B=25828! P/=?<=@J9! LMMTUH! &588=! :>! 8g83;6>3=8>3=4?! <28! 7A>3=D528! 7458820302::2!

?>35A2::262?3!:28!\45A?>:=8328!F2A8!5?2!<=6=?53=4?!<2!:25A!>774A3!85I\2@3=G!<>?8!:25A8!

7A4<5@3=4?8H!!

#?G=?9! Z! @46732A! <28! >??;28!LMQO9! :>! ?4A62! <E4I\2@3=F=3;! 8E=67482! @4662! 5?2!

F;A=3>I:2!V!044+5).(0,)-$,0/%!X9! A2@4??52!2C7:=@=3262?3!23! A2F2?<=D5;2! @4662! 32::2!7>A! :28! \45A?>:=8328! P$@J5<84?9! LMNTUH! $>! F>:4A=8>3=4?! 7>A3=@=72! <E5?! <;8=A! <2!

<=83=?@3=4?!<E>F2@!:28!A2:>3=4?8!75I:=D5289!5?!82@325A!<E>@3=F=3;!2?!7:2=?2!;I5::=3=4?!>5!

<;I53!<5!ÇÇ2!8=K@:2!P$@J5<84?9!LMNTUH!!

*>?8! :28! <;@2??=28! D5=! 85=F2?39! :>! @4?8;@A>3=4?! <2! :E4I\2@3=F=3;! 82! F4=3! 7>A! >=::25A8!

A>33>@J;2! Z! 5?! 2?826I:2! <2! 32@J?=D528! 23! <2! @4?G=B5A>3=4?8! <=8@5A8=F28!W! :>!

7A;82?3>3=4?! <2! 74=?38! <2! F52! <=F2AB2?389! :>! 7A;82?3>3=4?! <2! G>=38! F;A=G=>I:289!

:E53=:=8>3=4?! <2! @=3>3=4?8! 2?3A2! B5=::262389! 5?2! 6>?=KA2! <2! J=;A>A@J=82A! :28! G>=38! <28!

7:58! =674A3>?38! >5C!64=?8! 2882?3=2:8! Pa5@J6>?9! LMNQUH! "2! A2872@3! <2! @28! 7A=?@=728!

<2F=2?3! BA><52::262?3! 72Af5! 7>A! :28! \45A?>:=8328! @4662! 5?! 64g2?! <2! 32?<A2! F2A8!

7:58!<E4I\2@3=F=3;H! (:!<2F=2?3!>588=!:E>AB562?3!<2!@J4=C!<2AA=KA2! :2D52:!@28!<2A?=2A8!82!

A23A>?@J2?3! 745A! 82! <;G2?<A2! 45! >?3=@=72A! :28! @A=3=D528! <2! 7>A3=>:=3;! Z! :25A! 2?<A4=3!

Pa5@J6>?9!LMNQUH!!

-A9! Z! 7>A3=A! <28! >??;28!LMRO59! :E4I\2@3=F=3;! 23! :28! 7A=?@=728! D5=! g! 84?3! A2:=;8! k

!V!'"5"/#0,)-(z).(0,!X9! V!7)-),4"!X! 23! V!)44+/)4X!X! Pb2<2A9! QOOc9! 7H!QONU!k!2?3A2?3! 2?!@A=82H! $5AB=882?3! >:4A8! :28! 7A;6=@28! <E5?2! <g?>6=D52! <=>:2@3=D52!S! 5?2! 32?8=4?9!

7A;@=8;62?39! 2?3A2! 5?2! ?4A62! 23! 5?2! 8;A=2! <2! G>@325A8! 84@=>5C9! ;@4?46=D5289!

32@J?4:4B=D528!23!74:=3=D528!D5=!A262332?3!2?!@>582!84?!I=2?0G4?<;H!

*E5?2!7>A39!:E2GGA=3262?3!<2!:>!?4A62!<E4I\2@3=F=3;!<>?8!:>!82@4?<2!64=3=;!<5!ÇÇ2!8=K@:2!

826I:2!:=;!>5C!;F4:53=4?8!84@=;3>:28H!#3!:E5?2!<2!@28!;F4:53=4?89!82:4?!$@J5<84?!PLMNTU9!

@4?8=832! 2?! :E;62AB2?@2! <E5?2! V!)'>"/#)/X$ 4+-.+/"!X! >5! 345A?>?3! <28! >??;28!LMYO9!@>A>@3;A=8;2!7>A!5?2!G4A32!<;G=>?@2!Z!:E2?<A4=3!<28!<;32?325A8!<2!745F4=AH!%2::20@=!\5B2!

:E4I\2@3=F=3;!=?@467>3=I:2!>F2@!:EKA2!<5!32678!P2CH!W!:>!B52AA2!<5!n=[3!.>69!:>!:5332!<28!

<A4=38!@=F=D5289!23@HU9! D5=!?;@288=329!>5! @4?3A>=A29!<28! \45A?>:=8328!2?B>B;8!P$@J5<84?9!

LMNTUH!!

d>A>::K:262?39! :E;A48=4?! <2! :>! ?4A62! <E4I\2@3=F=3;! Z! :>! 6[62! ;74D52! <;@45:2! <E5?2!

72A32!<2! @4?G=>?@2!BA>?<=88>?32!<5!75I:=@! 2?F2A8! :>! 857748;2!?253A>:=3;!<28!2C72A38!

P$@J5<84?9! LMNTUH! ">! 857;A=4A=3;! <2! :>!6;3J4<2! 8@=2?3=G=D52! >=?8=! D52! 8>! 7A;32?<52!

4I\2@3=F=3;!84?39!2::28!>588=9!A26=828!2?!@>582H!$2!7475:>A=82!<>?8! :28!@=A@4?83>?@28!:2!

5!(:!?2!8E>B=3!7>8!=@=!<2!:>=882A!845802?32?<A2!D52!:E4I\2@3=F=3;!;3>=3!5?2!?4A62!5?>?=6262?3!

A2872@3;2! 7>A! :2! @4A78! \45A?>:=83=D52! >F>?3! :28! >??;28!LMROH! %4662! :E;@A=3! $@J5<84?!

PLMNTU9!<K8! :4A8! D52! :28! \45A?>:=8328! @4662?@KA2?3!Z!A2F2?<=D52A!45F2A3262?3! :>!?4A62!

<E4I\2@3=F=3;!>5C!>:2?345A8!<28!>??;28!LMQO0LM1O9!:28!@A=3=D528!23!:28!=?32AA4B>3=4?8!85A!:2!

I=2?0G4?<;!45!:>!7488=I=:=3;w=67488=I=:=3;!<EJ4?4A2A!5?!32:!=<;>:!85=F=A2?3!>588=3i3H!!

)LOO ($$.!LQTO0OOTQ!!!$#%-.*#!$])(#9!.+/])-!L!!!!!!!!!!!!!!!

V!,"M$ ?0+/,)-(#%!X! P2CH!W! aA56>?! %>74329! '5?32A! $H! aJ46784?9! a46! `4:G2U9! :2D52:!A2G:K32!:>!:>88=35<2!<2!:E;74D52!745A!:>!3gA>??=2!<28!G>=38!23!:>!A2@J2A@J2!\5B;2!=::584=A2!

<2!-)!F;A=3;H!!

&5!:=25!<2!D54=9!:2!V!,"M$?0+/,)-(#%!X!7A46253!5?!\45A?>:=862!D5=!V !5/",{<|!)4."$'"$-)$#(,;+-)/(.&$'"$.0+."$4)5.).(0,$'+$/&"-!X!23!D5=9!7>A!@4?8;D52?39!@;:KIA2! :>!7A;82?@2!<2!:E>5325A!k!84?!A2882?3=9!828!47=?=4?89!84?!83g:2!k!<>?8! :2! A;@=3! \45A?>:=83=D52!P">I>8829!

QOLR9! 7H!TUH! &=?8=9! <>?8! 5?! 64?<2! <2! 7:58! 2?! 7:58! 6>AD5;! 7>A! :>! @4?3283>3=4?! <28!

>534A=3;8!23!<5!<4B62!8@=2?3=G=D529!:E4I\2@3=F=3;!>77>A>m302::2!7A4BA288=F262?3!@4662!

5?2!?4A62!<;A>=84??>I:29!F4=A2!>5!82AF=@2!<28!=?3;A[38!<5!745F4=AH!

*E>53A2! 7>A39! :E>GG>=I:=88262?3! <2! :>! ?4A62! <E4I\2@3=F=3;! 23! <2! :>! 7A;32?3=4?!

<E5?=F2A8>:=3;6! D5=! :5=! 283! 84580\>@2?32! 826I:2! ;B>:262?3! >33A=I5>I:2! Z! 5?2!

<;65:3=7:=@>3=4?! <2! :E4GGA2! <2! @4?32?58! <=8@5A8=G89! :>D52::2! ;IA>?:2! 34532! @4?@273=4?!

5?=3>=A2! <5! 75I:=@H! %2! 7J;?46K?29! <;\Z! I=2?! 2?3>6;! 7>A! :2! 82@325A! <2! :>! 7A2882!

D543=<=2??2! 23! 6>B>r=?2! >5! 6=:=25! <5! ÇÇ2! 8=K@:2! P">I>8829! QOOQU9! 283! G4A3262?3!

>67:=G=;9! Z! @46732A! <28! >??;28!LMTO9! 7>A! :>! 6=82! 2?! o5FA2! <2! 74:=3=D528! <2!

:=I;A>:=8>3=4?! <>?8! :2! 82@325A! <2! :E>5<=4F=852:H! %2::280@=9! @457:;28! Z! :E>AA=F;2! <2!

32@J?4:4B=28! @4662! :2! 8>32::=32! 23! :2! @_I:29! <;I45@J2?3! 85A! 5?2! >5B62?3>3=4?!

@4?8=<;A>I:2! <5! F4:562! <2! @4?32?58! 3;:;F=852:89! 5?2! @4?@5AA2?@2! Z! :E>F2?>?3! 2?3A2!

6;<=>89!>=?8=!D5E5?2!>5B62?3>3=4?!@4A4::>=A2!<2!:>!F4:>3=:=3;!<5!75I:=@!P)>I4g9!LMMcU9!

>5CD52::28!:28!>@325A8!7A=F;8!<5!8g83K62!6;<=>3=D529!7>A3=@5:=KA262?3!>5C!]3>380+?=89!

A;74?<2?3!2?!87;@=>:=8>?3!:25A!7A4BA>66>3=4?!23!2?!@4?@2?3A>?3!:25A8!2GG4A38!85A!<28!

?4g>5C!<5A8!<E>5<=325A8!Pd232A8!23!bA42A86>9!QOLQUH!!

d5=89!:>!<;64@A>3=8>3=4?!<E(?32A?23!<>?8!:28!>??;28!LMMO9!23!2?G=?! :>!7A4:=G;A>3=4?!<28!

7:>32G4A628! <2! <=GG58=4?! ?56;A=D52! 23! <28! A;82>5C! 84@=>5C! <>?8! :28! >??;28!QOOO!

@4?@45A2?3!Z!64A@2:2A!2?@4A2!5?!725!7:58!:E287>@2!75I:=@!6;<=>3=D52H!#::28!>@JKF2?3!

<2! :2! 85I<=F=82A! 2?! @J>72::28! =<;4:4B=D528! Z! :E=?3;A=25A! <28D52::28! @J>D52! G=<K:2! ?2!

@4?84662!D52! :28!825:8!6;<=>8!D5=!A2\4=B?2?3!828!B4Ä389!828!@J>678!<E=?3;A[3! 23!828!

F>:25A8H! d:58! :>AB262?39! :2! 7J;?46K?2! =@=! ;F4D5;! A2G:K32! :E>346=8>3=4?! <2! :E287>@2!

75I:=@! 84@=;3>:! 2?!<=F2A828!5".(."#! 87JKA28!75I:=D528! 32::2! D5E4I82AF;2!7>A!7:58=25A8!>5325A8! @4?32674A>=?8! Pb2?e:2A9! QOLL!S! h2?34?! 23! *4t?2g9! QOO1!S! hA>82A9! LMMO!S!

'>582A9!LMMM!S!.2F25!23!hA>?f4=89!LMMMUH!!

&=?8=9!<>?8!5?!64?<2!<2!7:58!2?!7:58!Jg72A82B62?3;9!:2D52:!267[@J2!34532!7>A4:2!<2!

74A32A!>5!:4=?9!:E>6I=3=4?!<28!\45A?>:=8328!<2!8E><A2882A!>5!75I:=@!@4662!5?!825:!c./"9!<>?8!5?!:>?B>B2!?253A29!826I:20302::2!3A>J=A!5?2!G4A62!<E>?>@JA4?=862H!

6! -?! 745AA>=3! >AB52A! D52! :E>6I=3=4?! <5! <=8@45A8! \45A?>:=83=D52! Z! :E5?=F2A8>:=3;! ?2! 8E283!

\>6>=8! F;A=3>I:262?3! @4?@A;3=8;2! <>?8! :>! 7A2882! ;@A=32! 2?! A>=84?! <2! :>! 7A;<46=?>?@2!

J=834A=D52! <5! 82@325A! 7A=F;! 2?! :>! 6>3=KA2H! %4662! :2! ?432! dJ=:=I2A3! PQOLNU9! :>!

V!#";%",.).(0,$ 50-(.(@+"!X! <5! 75I:=@! 85A! :>! I>82! <28! V!)--&;"),4"#$ 5)/.(#),"#$ '"$ -3&-(."!X9!@>A>@3;A=83=D52! <5! \45A?>:! <E47=?=4?! <5! <;I53! <5! LM2! 8=K@:29! >! @;<;! 8>! 7:>@2! Z! 5?2! >53A2!

G4A62! <2! 82B62?3>3=4?! >F2@! :E2884A! <5! \45A?>:=862! <E=?G4A6>3=4?9! @2::20:Z! V!)E&"$ #+/$ -"#$(,.&/c.#$/"-).(:#$)+E$4-)##"#$#04()-"#$".$A$-"+/#$4)/)4.&/(#.(@+"#$#04(0'&%0;/)56(@+"#!X!P7H!NRUH!#?! A2F>?@J29! :E>6I=3=4?! <5! \45A?>:=862! Z! :E5?=F2A8>:=3;! >! 85! 6=25C! 8E2C7A=62A! <>?8! :28!

6;<=>8! ;:2@3A4?=D528! k!<5! 64=?8! \58D5EZ! :>! <;A;B5:>3=4?! <2! @2! 82@325A! Z! 7>A3=A! <28!

>??;28!LMTOH!"28!6;<=>8!>5<=4F=852:8!4?3!3A><=3=4??2::262?3!G>=3!:E4I\239!2?!-@@=<2?39!<E5?!

2?@><A262?3! 7:58! 83A=@3! <28! >534A=3;8! A;B:262?3>=A28! <Ä! Z! :>! A>A23;! <28! GA;D52?@28! <2!

A><=4<=GG58=4?!S! 5?! 2?@><A262?3! :28! 2?\4=B?>?39! 2?3A2! >53A289! Z! 82AF=A! :E2?826I:2! <28!

GA>?B28!<5!75I:=@!Pz>38=A2>9!QOLQUH!!

!

! "#$!%&'(#)$!*+!,-+).&"($/#!0!)#%'#)%'#$! )LOL!

"*!7&4%(#.,-/*!)*!0&//4(,0#+,&(!Q!):(&4*%!.#!0%,-*!)*!.3&>7*0+,1,+:!

"E>77A4@J2!<=>:2@3=D52!8577482!D52! :28!@A=828!84?3! :28!<;@:2?@J25A8!<2!@J>?B262?38!

D5=9! Z! 32A629! @>:62?3!6462?3>?;62?3! :28! 32?8=4?87H!/>=8! >:4A89! D52::2! =??4F>3=4?! >!

72A6=8! <2! <;?452A! :>! @A=82! <2! :E4I\2@3=F=3;!q$ ^! @2332! D5283=4?9! 4?! A;74?<A>! :2!V!?0+/,)-(#%"$'"$40%%+,(4).(0,!X9!@4?@273!;:>I4A;!7>A!%J>AA4?!23!<2!b4?F=::2!PLMMYUH!b=2?! D52! @2! @4?@273! 84=3! @A=3=D5;! P2CH!W! s>53J=2A9! QOLO!S! />3J=2?9! QOOLU9! 8>!

<;?46=?>3=4?! ?E2?! A2832! 7>8! 64=?8! 2GG=@>@2! 2?! @2! D5E2::2! 8g?3J;3=82! 5?2! F>A=;3;!

<E=??4F>3=4?8! <=8@5A8=F28! D5=9! 7A=828! 2?826I:29! 826I:2?3! @4?F2AB2A! F2A8! :2! 6[62!

4I\2@3=G!W!A;74?<A2!Z!:>!@A=82!<2!:E4I\2@3=F=3;H!!

"2!V ?0+/,)-(#%"$'"$40%%+,(4).(0, X!<;8=B?2!:2!V!5)/)'(;%"$?0+/,)-(#.(@+"!X!D5=9!82:4?!%J>AA4?! 23! <2! b4?F=::2! PLMMYU9! >5A>=3! BA><52::262?3! 8577:>?3;! :>! 3A><=3=4?! <5!

V!?0+/,)-(#%"$'3(,:0/%).(0,!X!2?!&6;A=D52!<5!.4A<!Z!7>A3=A!<28!>??;28!LMNO9!3A><=3=4?!<4?3! :>! ?4A62! <E4I\2@3=F=3;! @4?83=35>=3! :>! @:;! <2! F4Ä32H! "2! V!?0+/,)-(#%"$ '"$40%%+,(4).(0,$X9!7A;@=8;62?39!82!@>A>@3;A=82A>=3!7>A!:>!6>AB=?>:=8>3=4?!<2!:E4I\2@3=F=3;!23! :E2C7A288=4?! <;8=?J=I;29! 7>A! @4A4::>=A29! <2! :>! 85I\2@3=F=3;! <5! \45A?>:=832! <>?8! 84?!

3A>F>=:9! 7>A! :E53=:=8>3=4?!<E5?! 34?!7A4@J2! <2! :>! @4665?=@>3=4?! =?32A72A84??2::29! >=?8=!

D52! 7>A! <28! V!&4)/.#$ :/&@+",.#$ )+E$ 5/"#4/(5.(0,#$ '+$ ;",/"$ ".$ )+$ #.X-"$ ?0+/,)-(#.(@+"!X!PbA=?9!%J>AA4?!23!<2!b4?F=::29!QOOc9!7H!QLcUH!s>53J=2A!PQOLOU9!D5=!>!>?>:g8;!<2!6>?=KA2!

@A=3=D52! @2332! =<;2! <5! V!?0+/,)-(#%"$ '"$ 40%%+,(4).(0,!X9! =?8=832! 745A! 8>! 7>A3! 85A! :2!B:=88262?3!;7=83;64:4B=D52!D5=!>5A>=3!>@@467>B?;!:>!<;F>:4A=8>3=4?!<2!:E4I\2@3=F=3;H!^!

:E=?3;A=25A!<2!@2!7>A><=B629!4I82AF2030=:9! :28!\45A?>:=8328!><4732A>=2?3!5?2!74835A2!<2!

V!'0,,"+/$ '"$ #",#!X9! @4?8=83>?3! Z! =?32A7A;32A! :28! ;F;?262?38! 7:53i3! D5EZ! :28! <;@A=A2!@4662! <28! A;>:=3;8! >534?4628! Ps>53J=2A9! QOLO9! 7H!QYYUH! %2! G>=8>?39! =:8! 82!

<=83>?@=2A>=2?3! <5! V!5/(,4(5"$ /&)-(#."$ '"$ -3(,:0/%).(0,!X! 23! <2! 84?! <2882=?! 748=3=F=832!745A! 26IA>882A! :2! V!5/(,4(5"$ 40,#./+4.(>(#."$ '"$ -)$ 40%%+,(4).(0,!X! Ps>53J=2A9! QOLO9!7H!QYLUH!!

&=?8=!725304?!=@=!84532?=A!D52!:2!V!?0+/,)-(#%"$'"$40%%+,(4).(0,!X!82A>=3! :E=??4F>3=4?!D5=! >! ;3;! >F>?@;2! 745A! <;?452A! :>! @A=82! <2! :E4I\2@3=F=3;H! %2332! =??4F>3=4?9!

87;@=G=D5262?39!7253![3A2!=?32A7A;3;2!@4662!:>!A;74?82!<28!6;<=>8!<E=?G4A6>3=4?!<2!

:>!G=?!<5!ÇÇ2!8=K@:2!Z! :>!:>?@=?>?32!D5283=4?!85A!:>!7488=I=:=3;!45!?4?!<E[3A2!4I\2@3=G9!:2!

V !?0+/,)-(#%"$'"$40%%+,(4).(0,!X! =?@>A?>?3!:>!A2@4??>=88>?@2!<2!@2332! =67488=I=:=3;H!#?! @2:>9! :2! V!?0+/,)-(#%"$ '"$ 40%%+,(4).(0,!X! >! G>=3! <2! :E>I>?<4?! :>! 84:53=4?H! d>A!>=::25A89! 2?! A2?4?f>?3! Z! 8E><A2882A! Z! 5?! 75I:=@! 5?=G=;! <>?8! 5?! :>?B>B2! ?253A2! D5=!

8E2GG4A@2! <2! 3A>?8@2?<2A! :28! @>3;B4A=28! 84@=>:28! 23! :28! 32?<>?@28! 74:=3=D5289! :2!

V!?0+/,)-(#%"$'"$40%%+,(4).(0,!X!>!G>=3!<2!:>!GA>B62?3>3=4?!<28!>5<=34=A28!8>!G4A@2H!(:!>!26IA>88;!:>!?;@288=3;!83A>3;B=D52!<2!72A84??>:=82A!:2!<=8@45A8!\45A?>:=83=D52!<>?8!5?!

6>A@J;! @4?@5AA2?3=2:!S! 5?2! 83A>3;B=2! @4?8=83>?3! 745A! :28! 6;<=>8! <E=?G4A6>3=4?! Z!

>GG=@J2A!5?2! =<2?3=3;!;<=34A=>:2! G4A329!Z!@=I:2A!5?!82B62?3!7A;@=8!<2!:E>5<=34=A2!Pd232A8!

23!bA42A86>9!QOLQU9!23!Z!:5=!7>A:2A!@4662!Z!5?!)%(!<>?8!:E473=D52!<2!@A;2A!5?!:=2?!<2!@4??=F2?@2!P%J>AA4?!23!<2!b4?F=::29!LMMYUH!!

7! -?! 745AA>=3! >AB52A! D52! :2! @J>?B262?3! \45A?>:=83=D52! G=?=39! 3i3! 45! 3>A<9! 7>A! @A;2A! <2!

?45F2::28! 32?8=4?8!D52!825:28!<E>53A28! =??4F>3=4?8!745AA4?3!A2:_@J2AH! (:!?E283!7>8!<>?8! :2!

7A4\23! <2! :E>A3=@:2! <2! <;F2:4772A! @2332! =<;2H! .;>?64=?89! 8E>B=88>?3! <5! \45A?>:=862! 45! <2!

3453!>53A2!<46>=?29!4?!?2!8>5A>=3!@4?8=<;A2A!:E=??4F>3=4?!@4662!5?2!84:53=4?!72A6>?2?32!

>5C!32?8=4?8H!!

!

)LOQ ($$.!LQTO0OOTQ!!!$#%-.*#!$])(#9!.+/])-!L!!!!!!!!!!!!!!!

"#!)T(#/,94*!#4+&%:5:%*(+,*..*!)*%%,?%*!.*!7&4%(#.,-/*!)*!0&//4(,0#+,&(&

a2:!D52!62?3=4??;!2?!=?3A4<5@3=4?9!:2!\45A?>:=862!826I:2!=??4F2A!7>A!>534A;G;A2?@29!

@E2830Z0<=A29!75=82A! 8>?8! 345\45A8!2?!>F4=A! @4?8@=2?@2!<>?8! 84?!7A47A2! A;72A34=A2! <2!

7A>3=D528! 7>88;28! 745A! A;845<A2! :28! @A=828! <5! 6462?3H! &588=! 725304?! 2?F=8>B2A!

:E=??4F>3=4?!<5!V!?0+/,)-(#%"$'"$40%%+,(4).(0,!X9!23!:28!?45F2::28!7A>3=D528!D5=!2?!4?3!<;@45:;9! @4662! :>! A;>@35>:=8>3=4?! <E58>B28! >?@=2?8H! ">! F4:4?3;! <2! @=I:2A! <28!

>5<=34=A28! ?=@J;8! >F2@! 5?2! =<2?3=3;! ;<=34A=>:2! G4A329! 7>A! 2C267:29! A>772::2! :>! 7A2882!

<E47=?=4?! <2! :>! G=?! <5! Çn(((2! 23! <5! <;I53! <5! Ç(Ç2! 8=K@:29! D5=! ?E>F>=3! >:4A8! >5@5?2!

7A;32?3=4?! Z! :E5?=F2A8>:=3;!S! 84?! I53! ;3>=3! <2! 8E><A2882A! >5C! GA>?B28! <5! 75I:=@! D5=! 82!

A2@4??>=88>=2?3!<>?8!828!4A=2?3>3=4?8!74:=3=D528!45!;@4?46=D528!P$@J5<84?9!LMNTUH!!

d>A2=::262?39!:>!A;J>I=:=3>3=4?!<2!:>!85I\2@3=F=3;!23!<E5?2!@4?@273=4?!@4?83A5@3=F=832!<2!

:E>@35>:=3;9!>884@=;2!>5!V!?0+/,)-(#%"$'"$40%%+,(4).(0,!X!Ps>53J=2A9!QOLOU9! G>=3!;@J4!Z!:>! 6>?=KA2! 45F2A3262?3! 7>A3=>:2 <4?3! :2! \45A?>:=862! ?4A<0>6;A=@>=?! 8E2C2Af>=3! >5!345A?>?3! <5! Ç(Ç2! 8=K@:2H! "28! \45A?>:=8328! ;3>=2?3! >:4A8! A46758! Z! :E2C2A@=@2! <2!

85I4A<4??2A! :28! G>=38! Z! :E=?32A7A;3>3=4?! =<;4:4B=D529! <>?8! :>! 72A872@3=F2! <2! 345\45A8!

A2G:;32A! :2! V!5)/)'(;%).(4$ M0/-'>("M$X!<28! @466>?<=3>=A28! <5! \45A?>:! P%2@=:9! QOOQ9!7H!cMUH! #?G=?9! 8=! :2! 34?! <5 \45A?>:=862! <2! @4665?=@>3=4? 7A4@K<2! <E5?2! F4:4?3;! <2!?452A!5?!:=2?!<2!@467:=@=3;!>F2@!:E>5<=34=A29!3>?<=8!D52!:2!34?!?>B5KA2!267:4g;!<>?8!:>!

7A2882!<E47=?=4?! A2F[3>=3!5?2! G4A62!<2!7A28@A=73=4?!>534A=3>=A2! PbA=?9! %J>AA4?!23!<2!

b4?F=::29! QOOcU9! =:! ?E2?! A2832! 7>8! 64=?8! D52! @28! <25C! 64<28! <E><A2882! >5! 75I:=@!

8E;:4=B?2?3! 4832?8=I:262?3! <2! :>! GA4=<2! <=83>?@2! @4?G4A62! Z! :>! 745A85=32! <2!

:E4I\2@3=F=3;H!!

&=?8=9! :2! \45A?>:=862! >030=:! <;?45;! :>! @A=82! <2! :E4I\2@3=F=3;! k!A;85:3>3! 2?3A2! >53A28! <2!

:E;62AB2?@2! <E5?2! V!)'>"/#)/X$ 4+-.+/"$X! P$@J5<84?9! LMNTU9! <2! :>! GA>B62?3>3=4?! <28!>5<=34=A28! 23! <5! I284=?! <28!6;<=>8! <E=?G4A6>3=4?! <2! 82! <;6>AD52A! <>?8! 5?!6>A@J;!

@4?@5AA2?3=2:!k!2?!A;=?83>5A>?3!<28!7A>3=D528! =88528!<2! :>!7A2882!<E47=?=4?!<5!<;I53!

<5!Ç(Ç2!8=K@:2H!!

!"&;-/#0&5,&()5J.0&)-*"$/#"2/)$$0.&

"#!)T(#/,94*!),#.*0+,94*!)*%%,?%*!.#!0%,-*!

+?2! <25C=K62! @A=82! <5! \45A?>:=862! @4?@2A?2! :E4AB>?=8>3=4?! <5! 3A>F>=:H! $5=F>?3!

:E>?>:4B=2! <=>:2@3=D529! 2::2! 283! :2! A;85:3>3! <E5?2! 32?8=4?! D5=! 85AF=2?3! >5! <;I53! <28!

>??;28!QOOO!2?3A29!<E5?2!7>A39!<28!7A>3=D528!\45A?>:=83=D528!J;A=3;28!<5!V ?0+/,)-(#%"$'3(,:0/%).(0, X! PLMQO0LMTOU! P%J>AA4?! 23! <2! b4?F=::29! LMMYU! P@H0Z0<H! <28! ;@J;>?@28!D543=<=2??289! <28! \45A?>:=8328! 87;@=>:=8;8! <>?8! 5?! 825:! <46>=?2! 45! 6;<=569! 5?2!

7A4<5@3=4?! 4A=B=?>:2! 2?! =?32A?2U9! 23! <E>53A2! 7>A39! <28! @4?3A>=?328! ;@4?46=D528! 23!

32@J?4:4B=D528!D5=!32?<2?3!Z!A2?<A2!@28!7A>3=D528!=?><;D5>328H!!

">! @A=82! <5!64<K:2! 4AB>?=8>3=4??2:! ;6>?2! <E5?2! 72A872@3=F2! I=2?! 7A;@=829! @2::2! <28!

2?3A27A=828!<2!7A2882H!&5!345A?>?3!<5!ÇÇ(2!8=K@:29!7:58=25A8!<E2?3A2!2::28!283=62?3!D5E=:!

283! ?;@288>=A2! <2! A;G4A62A! :28! 7A>3=D528! \45A?>:=83=D528! >5! A2B>A<! <E5?! @2A3>=?!

?46IA2! <2! I45:2F2A8262?38! 23! <28! ?45F2::28! @4?3A>=?328! D5=! 8Eg! A>33>@J2?3H! &5!

?46IA2!<2!@28!I45:2F2A8262?389!62?3=4??4?8!W! :>!<=6=?53=4?!@4?83>?32!<28!A2F2?58!

75I:=@=3>=A28! 23! <E>I4??262?39! D5=! 2?@45A>B2! :28! 6;<=>8! Z! A>3=4?>:=82A! :25A8! @4Ä38!

P%4J2?9!QOLY S!d=@>A<9!QOOcU S!:E=?32?8=G=@>3=4?!<28!G58=4?80>@D5=8=3=4?8!<>?8!:2!82@325A!<28!6;<=>89! D5=! 45FA2! :>! 74A32! >5C! 83A>3;B=28! <2! @4?F2AB2?@2 Pb2A?=2A9! QOOTU S! 23! :>!

! "#$!%&'(#)$!*+!,-+).&"($/#!0!)#%'#)%'#$! )LO1!

7475:>A=8>3=4?! <E(?32A?23! 23! <28! 32@J?4:4B=28! ?56;A=D5289! D5=! 4I:=B2! :28! 6;<=>8!

<E=?G4A6>3=4?! Z! @45FA=A! :E>@35>:=3;! 2?! @4?3=?5! 85A! 5?2! F>A=;3;! <2! 7:>32G4A628H! aA4=8!

=??4F>3=4?8! \45A?>:=83=D528! ;62AB2?3! >:4A89! 7A2?>?3! 2?! @4?8=<;A>3=4?! :E2?826I:2! <2!

@28!7>A>6K3A28H!!

I*-!,((&1#+,&(-!$&4%!%:'.*%!.#!0%,-*!)4!/&)?.*!&%'#(,-#+,&((*.!!

">! 7A26=KA2! <2! @28! =??4F>3=4?8! 283! :E>FK?262?3! <5! \45A?>:=862!65:3=7:>32G4A62! 45!

65:3=3_@J2H!*E>I4A<!=?=3=;2!7>A!:28!<=A2@3=4?8!<2!6;<=>8!<5A>?3!:28!>??;28!QOOO9!@2::20

@=! G>=3! :E4I\23! <E5?2! ><473=4?! 3>?3i3! A;GA>@3>=A2! 3>?3i3! 2?3J458=>832! 7>A! :2! @4A78!

\45A?>:=83=D52H! "2! \45A?>:=862! 65:3=7:>32G4A62! 45! 65:3=3_@J29! D5=! A2D5=2A3! <28!

A274A32A8! D5E=:8! >:=62?32?3! 2?! @4?32?58! 5?2! <=F2A8=3;! <2! 7:>32G4A628! P2CH!W! I:4B5289!

A;82>5C! 84@=>5C9! :28!<=F2A8! 3=3A28!<E5?! BA4572U9! D5E=:8! A267:=882?3!7:58=25A8!6>?<>38!

3AK8!F>A=;8!<>?8!5?2!825:2!\45A?;2!P2CH!W!@45FA=A!5?2!@4?G;A2?@2!<2!7A28829!A;>:=82A!5?2!

F=<;49!7>A3=@=72A!Z!5?2!@4?F2A82!745A!5?2!@J>m?2!<2!3;:;F=8=4?!>GG=:=;29!23@HU9!IA2G!D5E=:8!

\4?B:2?3!2?3A2!:E;@A=3!23!:E>5<=4F=852:!Pb2A?=2A9!QOOTU9!>77>A>m3!@4662!5?2!A;74?82!Z!:>!

7A288=4?! @A4=88>?32! <28! 6;<=>8! <E=?G4A6>3=4?! <E4@@572A! :2! 7:58! :>AB2! 287>@2!

65:3=6;<=>!7488=I:2!>5!64=?<A2!@4Ä3H!!

#?! @2! 82?89! @2!64<2! <E4AB>?=8>3=4?! <5! 3A>F>=:! 8E>FKA2! :2! 7:58! >732! Z! 3=A2A! 7A4G=3! <28!

;@4?46=28!<E;@J2::2!A2?<528!2?F=8>B2>I:28!7>A!:>!@4?@2?3A>3=4?!6;<=>3=D529!@2!D52!:>!

87;@=>:=8>3=4?! <28! \45A?>:=8328! <>?8! 5?! 825:! @A;?2>59! 6;<=>! 45! 6;<=569! ?2! 72A623!

7>8H! )>772:4?8! D52! :>! @4?@2?3A>3=4?! 6;<=>3=D52! 4GGA2! :>! 7488=I=:=3;! >5C! BA>?<8!

BA45728! <2! <;7:4g2A! <28! 83A>3;B=28! 8g?2AB=D528! D5=! 845:>B2?3! :25A8! @4Ä38! <2!

7A4<5@3=4?! 8>?8! <=6=?52A! :25A! 7A;82?@2! 6;<=>3=D52H! %28! 4AB>?=8>3=4?8! 725F2?3!

7A4@;<2A! Z! 5?! 7>A3>B2! <2! @4?32?58! 2?3A2! :28! <=F2A828! 2?3=3;8! <5! @4?B:46;A>39! 45!

2?@4A29! A;<5=A2! :2! ?46IA2! <E267:4g;8! <28! ;D5=728! A;<>@3=4??2::28! 23! 6233A2! 2?!

@4665?!:28!2GG2@3=G8!A283>?38!Pb2A?=2A9!QOOTUH!!

">! <25C=K62! =??4F>3=4?! 745AA>=3! [3A2! <;@A=32! @4662!<5! \45A?>:=862! <E267A5?39! 45!

2?@4A2! <5! V!?0+/,)-(#%"$ '3);/&;).(0,!X! 45! V!'"$ /"5/(#"!X! P"2! %J>67=4?9! QOLQUH! %2!32A62! 2?B:4I2! =@=! 7:58=25A8! 7A>3=D528! A2:>3=F28! >5! t2I!W! :>! A;;@A=35A2! <2! 32C328!

7A4F2?>?3! <E>53A28! 2?3=3;8! <E5?! 6[62! BA4572! 6;<=>3=D52! P2CH!W! :E><>73>3=4?! <E5?!

A274A3>B2!3;:;F=8;!2?!>A3=@:2!745A! :2!8=32! (?32A?23U!S! :>!A;;@A=35A2!<2!32C328!7A4F2?>?3!

<E>53A28! 845A@28! 32:8! D52! <28! <;7[@J28! 45! <28! >A3=@:28! <2! 6;<=>8! @4?@5AA2?38!S! :>!

A;<>@3=4?!<2!@45A38!>A3=@:28!F=8>?3!Z!8=B?>:2A!:E=?3;A[3!75I:=@!45!:2!@>A>@3KA2!=?58=3;!<2!

@J4828!75I:=;28!<>?8!<E>53A28!6;<=>89!23@H!P"2!%>69!QOORUH!!

a45328! @28! 7A>3=D528! 4?3! 745A! 74=?3! @4665?! <2! A2@g@:2A! <28! @4?32?58! 2C=83>?38!S!

>5@5?2!?E283!B;?;A>3A=@2!<2!@4?32?58!=?;<=38H!#::28!A2G:K32?3!7>A!>=::25A8!@2!D52!bA5?8!

PQOORU! D5>:=G=2! <2! V!;)."M).46(,;!X9! 5?2! 653>3=4?! <2! :>! G4?@3=4?! 3A><=3=4??2::2! <2!V!;)."^""5(,;!X! P"2t=?9! LMc1U9! D5=! @4?8=832! 64=?8! Z! @4?3Ai:2A! :E=?G4A6>3=4?! D5=!7>AF=2?3! >5! 75I:=@! D5EZ! <=A=B2A! 84?! A2B>A<! 85A! :28! =?G4A6>3=4?8! 858@273=I:28! <2!

:E=?3;A2882AH! "Z! 2?@4A29! @2332! =??4F>3=4?! >77>A>m3! @4662! :>! A;74?82! Z! 5?2! 2C=B2?@2!

<2F2?52! =?@4?345A?>I:2! >F2@! :>! <;64@A>3=8>3=4?! <E(?32A?239! @2::2! <2! <=GG582A! 2?!

72A6>?2?@2!85A!:2!t2I!<2!:E=?G4A6>3=4?!:/)l46"$Z!@4Ä3!64=?<A2H!

+?2!<2A?=KA2!=??4F>3=4?!;62AB2>?3!<2!:>!@A=82!<5!64<K:2!4AB>?=8>3=4??2:!82!A>774A32!

Z!:E2C32A?>:=8>3=4?!<2!:>!7A4<5@3=4?!\45A?>:=83=D52!4A=B=?>:2H!$=!@2332!7A>3=D52!?E283!7>8!

?45F2::29! 84?! =?32?8=G=@>3=4?! <275=8! :28! >??;28!QOOO! 6;A=32! :E>332?3=4?H!

$7;@=G=D5262?39! 2::2! <;8=B?2! 5?2! 32?<>?@2! :45A<2! Z! 845803A>=32A! :>! A;<>@3=4?! <2!

)LOc ($$.!LQTO0OOTQ!!!$#%-.*#!$])(#9!.+/])-!L!!!!!!!!!!!!!!!

@4?32?58!4A=B=?>5C!2?!<2J4A8!<5!6;<=>9!?43>662?3!7>A!:2!A2@45A8!>@@A5!>5C!7=B=8328!

23!>5C!@4?3A=I53=4?8!2C3A>4A<=?>=A28!2?!3453!B2?A2!P%4J2?9!QOLYUH!(:!8E>B=39!2?@4A2!5?2!

G4=89! <E5?2! 32?3>3=F2! <5! 8g83K62! 6;<=>3=D52! <2! A;845<A2! :>! D5><A>35A2! <5! @2A@:2!W!

7A4<5=A2!7:58!<2!@4?32?589!2?!3453!326789!85A!345328!:28!7:>32G4A6289!23!745A!5?!@4Ä3!

6=?=6>:!<2!6>=?0<Eo5FA2H!!

"#!)T(#/,94*!#4+&%:5:%*(+,*..*!)*%%,?%*!.*-!,((&1#+,&(-!

*2AA=KA2!:28!=??4F>3=4?8!<;@A=328!7:58!J>53!82!@>@J2!5?2!<g?>6=D52!>534A;G;A2?3=2::2U$%>A!2?!<;7=3!<2!:25A!>77>A2?32!64<2A?=3;9!2::28!A>772::2?3!5?!32678!k!:2!Çn(((2!8=K@:2!

23! :2!<;I53!<5!Ç(Ç2! 8=K@:2!k!4l! :>!<=F=8=4?!23! :>! 85A87;@=>:=8>3=4?!<5! 3A>F>=:9! <2!6[62!

D52! :>! 65:3=7:=@=3;! <28! 2GG2@3=G89! ;3>=2?3! <28! @4?@2738! ;3A>?B2A8! >5! \45A?>:=862!

PdJ=:=I2A39!QOLNUH!!

&588=9!<>?8!:28!7A26=2A8!\45A?>5C9!:E;<=325A0\45A?>:=832!>8856>=30=:!7:58=25A8!G4?@3=4?8!

Z!:5=!825:!P2CH!W!;@A=35A29!;<=3=4?9!@4673>I=:=3;U!P$@J5<84?9!LMNTU9!<2!:>!6[62!6>?=KA2!

D52! :28! \45A?>:=8328! %+-.(5-).":0/%"! <E>5\45A<EJ5=! @565:2?3! 7:58=25A8! 3_@J28! <>?8!:25A!A;<>@3=4?H!"E>@3=F=3;!\45A?>:=83=D52!<2!:E;74D529!7>A!>=::25A89!A2748>=3!2?!7>A3=2!85A!

:>! A;;<=3=4?! <2! 32C328! 7A4F2?>?3! <E>53A28! 845A@28! 45! 7>A58! <>?8! <28! 75I:=@>3=4?8!

@4?@5AA2?328! P<2! b4?F=::29! LMTTU9! @2! D5=! ?E283! 7>8! 8>?8! G>=A2! ;@J49! 4I82AF2! "2! %>6!

PQOORU9! Z! :>! G>f4?! <4?3! 8E283! <;F2:477;! :2! \45A?>:=862! t2I! <>?8! :28! >??;28!QOOOH!

#?G=?9!:2!\45A?>:!7A;0Ç(Ç2!8=K@:2!82!7A4<5=8>=3!A$'(#.),4"9!<>?8!5?2!G4A62!;F4@>3A=@2!<2!:>!32?<>?@2!>@352::2!Z!845803A>=32A!:>!7A4<5@3=4?!\45A?>:=83=D52!4A=B=?>:2!2?!<2J4A8!<28!

65A8!<2!:>!8>::2!<2!?45F2::28H!!

)>772:4?8!D5E>F>?3! :E>FK?262?3!<28!5",,X$5)5"/#!<>?8! :28!>??;28!LT1O9! 3AK8!725!<2!75I:=@>3=4?8!@4673>=2?3!85A!<28!A274A32A8!745A!@45FA=A!:E>@35>:=3;!:4@>:2!85A!:2!32AA>=?H!

"28!\45A?>5C!;3>=2?3!745A!6>\4A=3;!@46748;8!<2!32C328!8=B?;8!7>A!<28!@4AA2874?<>?38!

=?<;72?<>?389! D5=! A2:>3>=2?3! <275=8! <E>53A28! F=::28! 45! 7>g8! :28! ;F;?262?38! <4?3! =:8!

;3>=2?3!3;64=?8!P$@J5<84?9!LMNTUH!*>?8! :2!@4?32C32!<5!%>?><>!GA>?f>=89!4?!4I82AF>=3!

2?!453A2!:E46?=7A;82?@2!<2!32C328!A;<=B;8!7>A!<28!G=B5A28!74:=3=D528!45!A2:=B=258289!5?!

;:;62?3!D5=!@>A>@3;A=8>! :>!7A2882!D5;I;@4=82! \58D5EZ!3>A<!>5!Ç(Ç2!8=K@:2!P<2!b4?F=::29!

LMTTUH!!

%2332! 2C32A?>:=8>3=4?!<2! :>!7A4<5@3=4?! \45A?>:=83=D52! A2:2F>=3! >:4A8!<2! 3A4=8! G>@325A8!W!

:E4A=2?3>3=4?! V!47=?=4?!X! <28! 6;<=>8!S! :>! 64<283=2! <28! A28845A@28! G=?>?@=KA28! 23!

J56>=?28!D5=!?2!72A6233>=3!7>8! :E26I>5@J2!<E5?!F>832!72A84??2:!S! 23! :28!@4?3A>=?328!

7Jg8=D528! D5=! @467:=D5>=2?3! :E2?F4=! <2! \45A?>:=8328! 6>=84?! 85A! :2! 3J;_3A2!

<E;F;?262?38! P<2! b4?F=::29! LMTTUH! *2! ?48! \45A89! :E2C32A?>:=8>3=4?! <2! :>! 7A4<5@3=4?!

\45A?>:=83=D52! A;74?<! Z! 5?2! :4B=D52! 8=6=:>=A2!W! :E>5B62?3>3=4?! <28! @4?3A=I53=4?8!

2C3;A=25A28!85=3!:>!<=6=?53=4?!<28!2GG2@3=G8!23!<28!I5<B238!3>?<=8!D52!:>!7475:>A=3;!<28!

@JA4?=D528!<EJ5625A!@4?<5=3! :28!B283=4??>=A28!Z!84::=@=32A!<>F>?3>B2! :>!@4::>I4A>3=4?!

<2!,0,C?0+/,)-(#."#!P2CH!W!@;:;IA=3;89!>?@=2?8!74:=3=@=2?8!45!874A3=G89!23@HUH!$E>B=88>?3!<28!@4?3A>=?328!7Jg8=D5289!@2A3289!2::28!?E2C=832?3!7:58!BA_@2!>5C!32@J?4:4B=28!?56;A=D528!

23! Z! :E>6;:=4A>3=4?! <28! 3A>?874A38H! .;>?64=?89! :>! G>@=:=3;! >F2@! :>D52::2! :2! 3A>F>=:! <2!

\45A?>:=832! 7253! <;84A6>=8! 8E>@@467:=A! Z! <=83>?@29! 2?! 3453! 326789! 8>?8! ;D5=7262?38!

:45A<8! 45! A283A=@3=4?8! <2! 3A>?86=88=4?9! 283! <2! ?>35A2! Z! 2?@45A>B2A! :2! A2@45A8! >5C!

7=B=8328H!

&=?8=9!=:!826I:2!D52!:>!6>?=KA2!<4?3!:28!2?3A27A=828!6;<=>3=D528!4?3!A;84:5!:>!@A=82!<2!

:E4AB>?=8>3=4?! <5! 3A>F>=:! \45A?>:=83=D52! >5! <;I53! <5! ÇÇ(2! 8=K@:2! A2G:K329! 85A! 6>=?38!

! "#$!%&'(#)$!*+!,-+).&"($/#!0!)#%'#)%'#$! )LOR!

>872@389! :>!6>?=KA2!<4?3! :2!6;3=2A!8E4AB>?=8>=3!<>?8! :2!7>88;!S!>F>?3!D52! :28! V!aA2?32!

s:4A=25828!X9! @>A>@3;A=8;28! 7>A! <28!6;<=>8! 7A487KA289! 5?2! <=F=8=4?! 83A=@32! <5! 3A>F>=:!

\45A?>:=83=D52! 23! <28! A274A32A8! %0,0:0,4.(0,,"-#*! ?2! @A;2?3! 5?2! 7>A2?3JK82! <2!83>I=:=3;!<4?3!4?!>!75!@A4=A2!D5E2::2!<5A2A>=3!=?<;G=?=62?3H!

!"&;-/#0&50&."&.%*/2/(/2%&

"#!)T(#/,94*!),#.*0+,94*!)*%%,?%*!.#!0%,-*!

">!<2A?=KA2!@A=82!>I4A<;2!<>?8!:E>A3=@:29!@2::2!<2!:>!:;B=3=6=3;!<28!\45A?>:=83289!283!7:58!

D52! \>6>=8! <E>@35>:=3;H! #::2! 283! :2! 7A4<5=3! <E5?2! <g?>6=D52! <=>:2@3=D52! =?@>A?;2! 7>A!

5?2!32?8=4?!2?3A2!5?2!@4?@273=4?!3A><=3=4??2::2!<5!Ai:2!<28!\45A?>:=8328!23!5?!@4?32C32!

2?! 653>3=4?! D5=! 826I:2! <;7A;@=2A! @2332! F=8=4?H! &5! @45A8! <2! :25A! J=834=A29! :28!

\45A?>:=8328!4@@=<2?3>5C!4?3!7A=?@=7>:262?3!I_3=!:25A!:;B=3=6=3;!Z!:E>5?2!<2!:25A!V!/w-"$'3(,."/%&'().(0,!X!2?!<;64@A>3=2!P/>A=>?4!<>!)4@J>!b>A=@J2::4!23!/2?2r28!%>AF>:J49!QOLc9!7H!TOUH!%2:5=0@=!:25A!>!72A6=8!V!'3c./"$/"40,,+#$#04()-"%",.$40%%"$+,$-(",$/"-(),.$-"#$:)(.#$)+$5+7-(4*$".$+,$(,."/%&'()(/"$'),#$-"$5/04"##+#$'"$#&-"4.(0,$'"#$(,:0/%).(0,#!X!P/>A=>?4!<>! )4@J>!b>A=@J2::4! 23!/2?2r28!%>AF>:J49!QOLc9!7H!TOUH!-A9! @2332!F=8=4?!<5!

Ai:2!<5!\45A?>:=832!2?!84@=;3;!7>A>m3!>5\45A<EJ5=!<2!7:58!2?!7:58!>GG>=I:=2H!%=?D!G>@325A8!

745AA>=2?3!:E2C7:=D52AH!

dA26=KA262?39! @2! Ai:2! >77>A>m3! <2! 7:58! 2?! 7:58! @4662! 2?! A5735A2! >F2@!

:E2?F=A4??262?3! 32@J?4:4B=D52! >@352:H! (?32A?23! >@@;:KA2! V!-3(,:0/%).(#).(0,$ '"$ -)$#04(&.&!X9! >F2@! 745A! @4?8;D52?@2! V!'3"E.&/(0/({82A|!-"! #)>0(A!X! P/>A=>?4! <>! )4@J>!b>A=@J2::4! 23! /2?2r28! %>AF>:J49! QOLc9! 7H!TOUH! %2! G>=8>?39! :2! @=34g2?! 643=F;! 7253!

@4?85:32A!:28!6[628!845A@28!<E=?G4A6>3=4?!D5E53=:=82!:2!\45A?>:=832!<>?8!84?!3A>F>=:9!23!

D5=! 7:58! 2839! >5! 6[62! 6462?3! D52! :5=! PbA5?8! 23! '=BJG=2:<9! QOLQU9! @2! D5=! 32?<! Z!

<=6=?52A! :E=674A3>?@2! <5! A274A32A! @4662! 40+//0("$ '"$ ./),#%(##(0,H! #?! 453A29! :>!<;64@A>3=8>3=4?! <28! 32@J?4:4B=28! ?56;A=D528! >@@2?352! :2! @4?345A?262?3! <28!

=?32A6;<=>=A28! 6;<=>3=D5289! :28! @4?8466>325A8! <E=?G4A6>3=4?! ;3>?3! <;84A6>=8!

@>7>I:28! <2! 7A4<5=A2! 25C06[628! <28! @4?32?58! 23! <2! :28! <=88;6=?2A! Z! <2! :>AB28!

>5<=34=A28! PbA>?38! 23! <2! '>>?9! QOLOUH! -A9! @2! 84?3! :28! A;82>5C! 84@=>5C! D5=! 74A32?3!

:E2834@><2! >5! V!/w-"$ '3(,."/%&'().(0,!X! <28! \45A?>:=83289! <>?8! :>! 6285A2! 4l! =:8!V!044+5",.$ -"$ 5/(,4(5)-$ "#5)4"$ '30+>"/.+/"$ ".$ '"$ '&4",./)-(#).(0,$ '+$ 50+>0(/$ '"$%&'().(0,$ '0,.$ -"#$ (,#.(.+.(0,#$ {2CH!W! :28!6;<=>8!<E=?G4A6>3=4?|!'&.",)(",.$)+./":0(#$ -"$%0,050-"!X!P/>A=>?4!<>!)4@J>!b>A=@J2::4!23!/2?r28!%>AF>:J49!QOLc9!7H!TOUH!&=?8=! :28!:2@325A8! 23! :28! >5<=325A8! 84?30=:8! >5\45A<EJ5=! @>7>I:28! <E=?32A72::2A! <=A2@3262?3! :28!

\45A?>:=83289! <2! A26233A2! 2?! D5283=4?! :25A! @45F2A35A2! 6;<=>3=D529! F4=A2! <2! :28!

@4?GA4?32A! Z! :25A8! =?2C>@3=35<28H! +?2! 32::2! =?32A>@3=F=3;! @4?3A=I52! Z! @2! D52! :2! 75I:=@!

A2@4??>=882! 64=?8! :28! 6;<=>8! <E=?G4A6>3=4?! @4662! <28! >534A=3;8! =?>33>D5>I:28! 2?!

84@=;3;!Pb2A?=2A9!QOLYUH!!

*25C=K6262?39! :2! Ai:2! <E=?32A6;<=>3=4?!<28! \45A?>:=8328!283! 2?3>6;! 7>A! :2! <;A>0

@=?262?3!<2! :E>@32! <2! 8E=?G4A62A!<E5?! @4?32C32! A=35>:=8;! P2CH!W! V!M).46(,;$ .6"$ ">",(,;$,"M#$(,$0+/$-(>(,;$/00%*$/")'(,;$.6"$,"M#5)5"/$7X$.6"$7/")^:)#.$.)7-"*$".4H!XU!S!@4?32C32!D5=! >\453>=3! 5?! F2A?=8! <2! 84:2??=3;! >5! 3A>F>=:! <28! 6;<=>8! <E=?G4A6>3=4?! Pd232A8! 23!

bA42A86>9!QOLQ9!7H!TUH!-A9!<2!32:8!A=352:8!<2F=2??2?3!>5\45A<EJ5=!6>AB=?>5C9!>:4A8!D52!

<2!7:58!2?!7:58!<2!B2?8!8E=?G4A62?3!7A=?@=7>:262?3!85A! :25A!3;:;7J4?2! =?32::=B2?39!23!

@29!Z! 3453!6462?3H!d232A8! 23!bA42A86>!84?3!<E>F=8!D5E2?!A>=84?!<2! @2!7J;?46K?29! :2!

\45A?>:=862! <2F=2?3! V!#0%"M6).$ '(-+."'$ ),'$ (,'(#.(,;+(#6)7-"$ :/0%$ 0.6"/$ %"'()."'$

)LOY ($$.!LQTO0OOTQ!!!$#%-.*#!$])(#9!.+/])-!L!!!!!!!!!!!!!!!

:0/%#$0:$40%%+,(4).(0,!X!PQOLQ9!7H!TU9!@2!D5=!?E283!7>8!<2!?>35A2!Z!A2?G4A@2A!:E>534A=3;!<28!\45A?>:=8328!2?!84@=;3;H!!

aA4=8=K6262?39! :>! F4:4?3;! <28! \45A?>:=8328! <2! 8E>GG=@J2A! @4662! A>774A325A8! 23!

=?32A7AK328!<28!;F;?262?38!283!>5\45A<EJ5=!7>A3=@5:=KA262?3!6>:62?;2!7>A!:>!64?3;2!

<5! 7475:=862H! "28! G=B5A28! 74:=3=D528! D5=! 2?! 84?3! =88528! >A3=@5:2?3! <28! <=8@45A8! >?3=0

;:=3289! :28D52:8! @=I:2?3! <>F>?3>B2! :28! A274A32A8! D52! :28! BA>?<8! <;32?325A8! <5! @>7=3>:!

;@4?46=D529!7>A!2C267:2!P$2A>r=49!QOLYUH!*2!32:8!<=8@45A89!@4662!:E>!=::583A;!:>!7:58!

A;@2?32! ;:2@3=4?! 7A;8=<2?3=2::2! >6;A=@>=?29! F=82?3! Z! >33>D52A! :>! :;B=3=6=3;! <28!

\45A?>:=8328! Z! <;G2?<A2! :28! =?3;A[38! <5! 5"+5-"9! @4664<;62?3! @4?G4?<5! >F2@!:E;:2@34A>3! @45A3=8;H! (:8! A27482?3! 7A=?@=7>:262?3! 85A! <28! >@@58>3=4?8! A;7;3;28! <2!

6>?=75:>3=4?! <2! :E=?G4A6>3=4?! P:)^"$ ,"M#U! P">e4GG9! QOLNU9! 45! 2?@4A2! <2! 7>A3=>:=3;! 23!<E>@@4=?3>?@28! >F2@! :E"#.)7-(#6%",.! Pz>g2! 23! ,4J?84?9! QOLYU!k!643! :0+//"C.0+.! <>?8!:2D52:! 283! =?@:582! 5?2! <=F2A8=3;! <E=?83=353=4?8! 45! <2! 72A84??>:=3;8! A;753;28! [3A2! <28!

@J>?3A28!<2!:>!A2@3=35<2!74:=3=D52H!!

p5>3A=K6262?39!4?!?2!8>5A>=3!7>882A!8458!8=:2?@2! :>!7A47>B>3=4?!<2!<=8@45A8!V!74830

F;A=3;!X! P50#.C./+.6U9! F;J=@5:;8! 7>A! 5?2! B>:>C=2! <2! 6;<=>8! >:32A?>3=G89! <2! BA45728!4AB>?=8;89! <2! I:4B525A8! 85A! :2! t2I9! 23! 7>A! :E2?345A>B2! <2! :E>@352:! :4@>3>=A2! <2! :>!

/>=84?0b:>?@J2H! $=! @2! 7J;?46K?2! ?E>! G4?@=KA262?3! A=2?! <2! ?25G!k!:>! 74830F;A=3;! >!

345\45A8!@4?83=35;!:E2882?@2!6[62!<2!:>!7A47>B>?<2!k9!8>!@4?8;@A>3=4?!A;@2?32!<>?8!:2!

:>?B>B2! @45A>?3! =?F=32! Z! <28! =?32AA4B>3=4?8! D5>?3! Z! 84?! =67>@3! 85A! :E>534A=3;! <28!

\45A?>:=8328H! *E5?2! 7>A39! 4?! 7253! @4?8=<;A2A! @28! <=8@45A89! :28D52:8! @A;2?3! 5?!

2?F=A4??262?3!4l! :28! G>=38! =674A32?3!64=?8!D52! :2!A2882?3=!72A84??2:!7>A!A>774A3!Z!

@25C0@=! P">e4GG9! QOLNU9! @4662! <=:5>?3! :>! :;B=3=6=3;! <28! \45A?>:=8328! <>?8! 5?2!

@4?@273=4?! A2:>3=F=832! <2! :E=?G4A6>3=4?H! *E>53A2! 7>A39! Z! :>! :525A! <5! A;@2?3! A2B>=?! <2!

7475:>A=3;! <E=?83=353=4?8! @4662! :2!j"M$ m0/^$ Q(%"#! 45! :2!Ä)#6(,;.0,$ R0#.9! 4?! 7253!>588=! @4?8=<;A2A! D5E=:8! A2?G4A@2?39! >5! @4?3A>=A29! :E>534A=3;! <28! \45A?>:=83289! :2! 75I:=@!

A2F2?>?3!>5C!845A@28!3A><=3=4??2::28!<>?8!:E2874=A!D5E2::28!:5=!<;6[:2?3!:2!FA>=!<5!G>5CH!

$E=:! 283! 2?@4A2! 3A47! 3i3! 745A! 74A32A! 5?! \5B262?3! ;@:>=A;! 85A! :>! D5283=4?9! 4?! 7253!

A2@4??>m3A2!D52! :2!Ai:2!<5! \45A?>:=862!@4662!=?32A6;<=>=A2!2?3A2! :28!@=34g2?8!23! :28!

G>=38!283!>5!6=?=656!72A35AI;!7>A!:E=AA573=4?!<2!:>!V!74830F;A=3;!X!<>?8!:2!<;I>3!75I:=@H!!

%=?D5=K6262?39! :2! Ai:2! <E=?32A6;<=>3=4?! <28! \45A?>:=83289! Ai:2! 85A! :2D52:! 8E283!

J=834A=D5262?3! >775g;2! :25A! :;B=3=6=3;! 2?! 84@=;3;9! 8E>@@4664<2! 6>:! <2! :E5?=F2A8!

6;<=>3=D52!7>A@2::=8;!<>?8! :2D52:!?458!F=F4?8H!%>A!<2! :>!6[62!6>?=KA2! D5E5?! =<;>:!

@4662! :E4I\2@3=F=3;! 7253! <=GG=@=:262?3! 2C=832A! 2?! <2J4A8! <E5?2! 87JKA2! 75I:=D52!

5?=G=;29! :E>534A=3;!<5! \45A?>:=862!?2!7253! 8E2C2A@2A!F;A=3>I:262?3! D52! 8=! 828!>A3=8>?8!

4?3! :>! @4?F=@3=4?! <2! 8E><A2882A! Z! :E2?826I:2! <5! 75I:=@! 23! ?4?! Z! 5?2! GA>?B2!

2C3A[6262?3!A;<5=32!<2!@2:5=0@=!P&?<2A84?9!QOLYUH!!

"*!%*+&4%!#4S!$%,(0,$*-!)4!!7&4%(#.,-/*!)3,(5&%/#+,&(!!

-?! :E>! F59! =:! 2C=832! 5?2! 32?8=4?! >@352::262?3! 2?3A2! :2! <;8=A! <28! \45A?>:=8328! <2!

6>=?32?=A! :25A!Ai:2!<E=?32A6;<=>3=4?!2?!84@=;3;!23!5?2!8;A=2!<2! G>@325A8!D5=!32?<2?3!Z!

=?F>:=<2A! @2! Ai:2!W! :E>FK?262?3! <28! 32@J?4:4B=28! ?56;A=D5289! :>! A2@A5<28@2?@2! <5!

7475:=862!23!<2!:>!V!74830F;A=3;!X9!:2!64A@2::262?3!<2!:E287>@2!75I:=@H!"Z!A;8=<2!:>!@A=82!

<2! :;B=3=6=3;! <5! \45A?>:=862H! -A9! :>! A2F>:4A=8>3=4?! >@352::2! 7>A! @2A3>=?8! 6;<=>8! <2!

7A>3=D528! A2G:;3>?3! :28! 7A=?@=728! <5! V!\45A?>:=862! <E=?G4A6>3=4?!X! P%J>AA4?! 23! <2!

b4?F=::29!LMMYU!k!5?2!84IA=;3;!<>?8!:2!34?9! :>!7A=6>53;!<28!G>=38!85A!:28!47=?=4?89!5?2!

! "#$!%&'(#)$!*+!,-+).&"($/#!0!)#%'#)%'#$! )LON!

8;7>A>3=4?! ?2332! 2?3A2! =?G4A6>3=4?! 23! @4662?3>=A289! 5?2! >77A4@J2! 748=3=F=832! <2!

:E>@35>:=3;9!23@H!k!826I:2!@4?@45A=A!Z!>33;?52A!:E=67>@3!<28!G>@325A8!;F4D5;8!7:58!J>53H!

#::2! 826I:2! 7>A! >=::25A8! 7>A3=@=72A! <E5?2! :4B=D52! <2! A2:;B=3=6>3=4?! <5! \45A?>:=862!

<>?8!:Eo=:!<5!75I:=@H!!

%2332! A2:;B=3=6>3=4?!8E>@@467>B?2!?43>662?39!725304?!4I82AF2A9!<2! :>!A;>GG=A6>3=4?!

<2!@2A3>=?28!F>:25A8!S!F>:25A8!D52!@=32!*25r2!PQOORU!@4662!;3>?3!J=834A=D5262?3!>5!

@o5A!<2! :EV!044+5).(0,)-! ('"0-0;X$0:$ ?0+/,)-(#%!X! PccQU! 2?!-@@=<2?3!W!5?2! @4?@273=4?!<5! \45A?>:=862!@4662!5?!V!#"/>(4"$'3(,.&/c.$5+7-(4!X!D5=!<4=3!F2=::2A!Z! :>!85AF2=::>?@2!<28! 745F4=A8! 2?! 84@=;3;!S! V!-3)+.0,0%("!X9! D5=! A2?F4=2! Z! :>! ?;@288=3;! 745A! :28!3A>F>=::25A8! <2! :E=?G4A6>3=4?! <E[3A2! V!-(7/"#$ ".$ (,'&5",'),.#$ '),#$ -"+/$ ./)>)(-$XT!S! 45!2?@4A2!5?!J>53!82?8!<2!V!-3&.6(@+"!X!P3A><5@3=4?9!*25r29!QOOR9!7H!ccNUH!#::28!4?39!745A!:>!7:58! BA>?<2!7>A3=2!<5! ÇÇ2! 8=K@:29! @4?83=35;!Z! :>! G4=8!<28! =<;>5C!?4A6>3=G8!745A! :28!

A274A32A8!23!<28!B>A>?3=28!8g6I4:=D528!745A!:2!75I:=@!D52!:2!\45A?>:=862!A2872@3>=3!5?!

6=?=656! <2! @A=3KA28! <2! 7A4I=3;!64A>:2! P*25r29! QOORUH! &5! ?46IA2! <28!6;<=>8! D5=!

=?@>A?2?39! Z! <28! <2BA;8! <=F2A89! @2! A2345A! >5C! 7A=?@=728! <5! V!?0+/,)-(#%"$'3(,:0/%).(0,!X9! 62?3=4??4?8! R/0R+7-(4)! 23! Q6"$ G)/#6)--$ R/0?"4.! >5C! ]3>380+?=8! 45!2?@4A2!=(#40+/#"$G"'()U0/;9!j).(0,)-$L7#"/>"/!23!Q6"$QX""!>5!%>?><>H!

"#!)T(#/,94*!#4+&%:5:%*(+,*..*!)*%%,?%*!.*!%*+&4%!)4!7&4%(#.,-/*!)3,(5&%/#+,&(!

"2! \45A?>:=8629! >0304?! >AB5;! \58D5E=@=9! 7A4@K<2! >5! @J>?B262?3! 7>A! >534A;G;A2?@2H!

$E>B=88>?3! <2! :>! @A=82! <2! :>! :;B=3=6=3;9! 4?! @4?83>32! D52! @2A3>=?8! <28! 3A>=38! 8>=::>?38!

>884@=;8!>5!V!?0+/,)-(#%"$'3(,:0/%).(0,!X!PLMQO0LMTOU!P%J>AA4?!23!<2!b4?F=::29!LMMYU!;F4D5;8! 7:58! J>539! 8E=:8! 4?3! 345\45A8! ;3;! 7A;82?38! <>?8! :>! 7A>3=D52! <5! \45A?>:=8629!

A2F=2??2?3!?;>?64=?8!>5!7A26=2A!7:>?H!%2:>!82!6>?=G28329!<E5?2!7>A39!7>A!:>!A26=82!2?!

F>:25A!<2!@2A3>=?8!B2?A28!\45A?>:=83=D5289!?43>662?3!:E2?D5[329!D5=!@4??>m3!5?!?45F2:!

2884A! <2! 7475:>A=3;H! %2! B2?A2! 72A7;352! <28! 3A><=3=4?8! >884@=;28! >5! ?0+/,)-(#%"$'3(,:0/%).(0,!2?!@2!D5E=:!A27482!85A!:>!7A;;6=?2?@2!<28!G>=38!85A!:28!47=?=4?8!P/>3J=2?9!QOOLUH!!

$E>\4532?3!Z!@2:>!:2!A2345A!2?!G4A@2!<5!\45A?>:=862!<2!<4??;28!D5=9!>5\45A<EJ5=9!53=:=82!

(?32A?23!745A!7A4@;<2A!>5!V!/"4+"(-*${>5|$./)(."%",.$#.).(#.(@+"$".${Z|$-)$>(#+)-(#).(0,$'"$'0,,&"#$X!<E=?3;A[3!75I:=@!PaA;<>?9!QOLc9!7QOOUH!-5!2?@4A29!:>!7475:>A=3;!@A4=88>?32!<2!A5IA=D528! @4?8>@A;28! >5! :)4.C46"4^(,;9! <>?8! :28D52::28! 84?3! @4?3A20F;A=G=;289! 2?3A2!>53A289! :28! >882A3=4?8! <2! 72A84??>:=3;8! 74:=3=D528! PsA>F289! .gJ>?! 23! )2=G:2A9! QOLYUH!

a45328! @28!>77A4@J28! \45A?>:=83=D528! =?87=A2?3!<28!@4?32?58!A;84:562?3! =?G4A6>3=G89!

>?@A;8!<>?8!5?!V!5/(,4(5"$/&)-(#."!X!Ps>53J=2A9!QOLO9!7H!QYLU9!23!<>?8! :28D52:8!V!-307?".$'+$ %"##);"$ n-"$ /&:&/",.U!X! :E2674A32! 85A! :>! 85I\2@3=F=3;! <5! <283=?>325A! 45! <5!<283=?>3>=A2!PbA=?9!%J>AA4?!23!<2!b4?F=::29!QOOc9!7H!TUH!

"E=?3;A[3! A2?45F2:;! 745A! @2A3>=?8! 7A=?@=728! 7J>A28! <5! \45A?>:=862! <E=?G4A6>3=4?!

826I:2! 7>882A9!<E>53A2! 7>A39!7>A! :E=67:>?3>3=4?!<2!64<K:28!<E>GG>=A28! D5=! B>A<2?3! :28!

8=AK?28! <5!6>A@J;! Z! :E;@>A3H! ^! 3=3A2! <E2C267:29! 4?! >88=832! <275=8! :>! <;64@A>3=8>3=4?!

<E(?32A?23! Z! :E>77>A=3=4?! <2! 5+/"$ 5-)X"/#! =?<;72?<>?389! Z! 8>F4=A! <28! 6;<=>8!5?=D5262?3! 7A;82?38! 85A! :2! t2I! 23! G=?>?@;8! 2882?3=2::262?3! 7>A! :28! <4?8! 45! :28!

A2F2?58!<E>I4??262?3!P2CH!W!R/0$R+7-(4)*$=(#40+/#"$G"'()UL/;UH!!

8! aA><5@3=4?!<2! V!5+7-(4$ #"/>(4"!X!S! V!)+.0,0%X8$ ?0+/,)-(#.#$ %+#.$ 7"$ )+.0,0%0+#*$ :/""$ ),'$(,'"5",'",.$(,$.6"(/$M0/^$X!S!23!V!".6(4#!X!P*25r29!QOOR9!7H!ccNUH!

)LOT ($$.!LQTO0OOTQ!!!$#%-.*#!$])(#9!.+/])-!L!!!!!!!!!!!!!!!

^! ?E2?! 7>8! <4532A9! <28! 6;<=>8! 47;A>?3! 82:4?! 5?! 32:! 64<K:2! <E>GG>=A28! 32?<2?3! Z!

>@@A4m3A2!:E>534?46=2!<28!\45A?>:=8328!23!:25A!@>7>@=3;!Z!2C2A@2A! :25A!6;3=2A!82:4?!:28!

83>?<>A<8! ;3J=D528! D5E=:8! 283=62?3! 2882?3=2:89! @2@=! 25! ;B>A<! >5! G>=3! D52! :25A! 3A>F>=:!

?E283! 7>8! 85I4A<4??;! Z! <28! =67;A>3=G8! 75I:=@=3>=A28! 45! =?G;4<;! Z! <2! BA>?<8! BA45728!

=?<583A=2:8H!%2332!=?<;72?<>?@2!G>F4A=82!>588=!5?2!7A4<5@3=4?!\45A?>:=83=D52!D5=!?2!82!

@2?85A2! 7>8! k!45! 64=?8!k! 8E>B=88>?3! <28! <;32?325A8! <2! 745F4=A! ;@4?46=D52! >57AK8!

<28D52:8! 2::2! A;@:>62! <28! @467328H! #::2! 2?@45A>B29! 2?! 846629! 5?2! 7A4<5@3=4?!

\45A?>:=83=D52!>5!825:!82AF=@2!<2!:E=?3;A[3!75I:=@H!!

&=?8=9! :>! A2F>:4A=8>3=4?! <2! 7A>3=D528! >884@=;28! Z! :>! 3A><=3=4?! <5! V!?0+/,)-(#%"$'3(,:0/%).(0,!X! 826I:2! 7>A3=@=72A! <E5?2! 32?<>?@2! <2! @2A3>=?8!6;<=>8! Z! >GG=@J2A! 5?2!=6>B2!<2!@A;<=I=:=3;!<>?8!:E2874=A!<2!A2B>B?2A!:2!32AA>=?!72A<5!2?!6>3=KA2!<2!:;B=3=6=3;!

<>?8! :Eo=:! <5! 75I:=@H! #3! G>530=:! :2! 845:=B?2A9! @2332! A2F>:4A=8>3=4?! ?E283! 7>8! \5B;2!

=?@467>3=I:2! >F2@! 5?2! G4A62! <2! \45A?>:=862! 2?B>B;H! Q6"$ G)/#6)--$ R/0?"4.9! 7>A!2C267:29! 87;@=>:=8;! <>?8! :>! 6=82! >5! \45A! <28! 6>?D5262?38! <5! 8g83K62! @>A@;A>:!

>6;A=@>=?9!283!Z!I=2?!<28!;B>A<8!5?!6;<=>!6=:=3>?3!Z!:E=6>B2!<2!G&'()5)/.$2?!hA>?@2H!!

-A9! :E4I\2@3=F=3;! =?@>A?2! =@=! 5?2! <;G=?=3=4?! <5! @4?@2739! <=GG;A2?32! <2! :E>@@273=4?!

@4665?2! P@H0Z0<H! =67>A3=>:=3;U9! D5=! 283! 3A><=3=4??2::262?3! A2:;B5;2! >5! 82@4?<! 7:>?H!

%2332!<;G=?=3=4?! ?;B:=B;2!<2! :E4I\2@3=F=3;! A2?F4=2!7:53i3! Z!5?2!6;3J4<2! 8g83;6>3=D52!

<2!@4::2@329!<2!A2@457262?3!23!<2!F;A=G=@>3=4?!<28!=?G4A6>3=4?8!Pz4F>@J!23!)482?83=2:9!

QOOLU!S! 5?2! 6;3J4<2! 07?"4.(>"! @2?8;2! 7A;82AF2A! >5! 6>C=656! :28! G>=38! <28!=?32A7A;3>3=4?8!72A84??2::289!6>=8!D5=!?E>772::2!7>8!>5!A2?=262?3!<28!@4?F=@3=4?8!45!

<E5?!2?B>B262?3!6=:=3>?3H!

!0&2-)@/#(0&5,&#7#2J(0&A),-$"./#2/>,0&L&.D",2)-%:%-0$;0&&

,58D5E=@=9! =:! >! ;3;! <;64?3A;! D52! :2! @J>?B262?3! \45A?>:=83=D52! 826I:2! ;74582A! <25C!

<g?>6=D528!W!<=>:2@3=D52!23!>534A;G;A2?3=2::2H!%2332!<2A?=KA2!<g?>6=D52!6;A=32!D5E4?!

8Eg!>33>A<2H! (:!g!>! :=25!<2!8E=?32AA4B2A!85A!@2!D52! @2!3A47=862!745A! :E>534A;G;A2?@2!<=3!

A;2::262?3! <5! \45A?>:=862H! d45A! 62?2A! @2332! >?>:g829! :>! 6;3>7J4A2! <5! \45A?>:=862!

@4662!#X#.<%"!>77>A>m3!@4662!>77A47A=;2H!

"2!A2@45A8!Z!:E>534A;G;A2?@29!<E5?2!7>A39!<4??2!Z!F4=A!:E=6>B2!<E5?!8g83K62!D5=!72=?2!Z!

8E=6>B=?2A!J4A8!<2!828! =?3;A[389!<2!828!?4A6289!<2!828!7A>3=D528!J>I=352::28!23!<2!828!

@A=3KA28! <E>77A;@=>3=4?H! &53A262?39! 4?! 745AA>=3! 87;@5:2A! D5E=:! 82A>=3! 2?! 6285A2! <2!

7A47482A!>53A2!@J482!D52!:>!A27A=82!23!:>!A;=?32A7A;3>3=4?!A;@5AA2?32!<2!828!7A>3=D528!

7>88;28H! %2332! =?@>7>@=3;! <5! \45A?>:=862! Z! 5",#"/$ ",$ '"60/#$ '"$ -+(C%c%"! 745AA>=3!8E2C7:=D52A! 7>A! :28! >33A=I538!)+.050Å&.(@+"#|! D52! 826I:2! 7A;82?32A! 84?! 8g83K62H! ">!?43=4?! <2! 8g83K628! )+.050Å&.(@+"#! A2?F4=2! Z! :E=<;2! <E2?826I:28! @>7>I:28! <2!8E>534A;B;?;A2A!>5!64g2?!<E5?!6;@>?=862!=?32A?2!<E>53404AB>?=8>3=4?!P/>35A>?>!23!

9!">!?43=4?!<E)+.050Å<#"!283!=8852!<28!3A>F>5C!<28!I=4:4B=8328!@J=:=2?8!'56I2A34!/>35A>?>!23! hA>?@=8@4! ,H! n>A2:>! PLMNQwLMTOUH! #::2! <;8=B?2! <28! 8g83K628! @>7>I:28! <2! 8E>5340

3A>?8G4A62A! Z! :E=?3;A=25A! <E5?! 8g83K62! @:48!S! @:48! >5! 82?8! 4l! @28! 8g83K628! 84?3! A;753;8!

2?B2?<A2A! 7>A! 25C06[628! :28! 47;A>3=4?8! F=3>:28! >5! A2?45F2::262?3! <2! :25A! 8g83K629! <2!

6[62!D52!:28!83A5@35A28!D5=!B;?KA2?3!@28!47;A>3=4?8!P"5J6>??9!LMML0LMMQwQOL1UH!%2332!

?43=4?!8E283!<275=8! =66=8@;2!<>?8! :E;35<2!<2! :>!8g83;6=D52!23!<28!8g83K628!84@=>5C! P2CH!W!

"5J6>??9! LMML0MQwQOL1U!S! <2! :>! 8@=2?@2! 4AB>?=8>3=4??2::2! 23! <5! %),);"%",.$ P2CH!W!/4AB>?9! LMTYwLMMM!S! sA>J>6! 23! /@z2??>9! QOOO!S! z2>?29! a>g:4A9! aA526>?! 23! `A=BJ39!LMMMU!S!23!<2!:>!:=?B5=83=D52!P2CH!W!.=@4:>=82?9!QOLYUH!&!

! "#$!%&'(#)$!*+!,-+).&"($/#!0!)#%'#)%'#$! )LOM!

n>A2:>9! LMNQwLMTOUH! #?! A>=84?! <2! :25A! G4?@3=4??262?3! >534A;G;A2?3=2:9! <2! 32:8!

8g83K628! 82A>=2?3! @4?<=3=4??;8! 7>A! :25A8! 83A5@35A28! 47;A>3=4??2::28! Z! @4?@2F4=A! :2!

64?<2!<E5?2!@2A3>=?2!6>?=KA29!23!<E5?2!6>?=KA2!D5=!A2?G4A@2!345\45A8! :E=?G:52?@2!<2!

@28!83A5@35A28!85A!:E2?3=KA23;!<5!8g83K62!P"5J6>??9!LMML0LMMQwQOL1UH!

%2332!7A472?8=4?!Z! :E>534A;G;A2?@29!<E>53A2!7>A39!7253! [3A2!2?F=8>B;2!@4662!62?>?3!

?>35A2::262?3!Z! :>! A2:;B=3=6>3=4?!<5! 8g83K62! \45A?>:=83=D52!2?F2A8! :5=06[62!2?!F52!

<2! 84?!6>=?3=2?!45!<2! 8>! A27A4<5@3=4?H!"Z! 2?@4A29! @2@=! A2?F4=2! Z!5?2!7A47A=;3;!<28!

8g83K628! )+.050Å&.(@+"#! I=4:4B=D5289! 3A>?8748;2! Z! :>! 8@=2?@2! 4AB>?=8>3=4??2::2!P/4AB>?9! LMTYwLMMMUH! *2! G>=39! :E>534A;G;A2?@2! 3;64=B?2A>=3! <E5?2! @4?G=>?@2! <5!

8g83K62!<>?8! :28!7A>3=D528!D5=! :E4?3! @4?83=35;!23!<2! :>! @4?F=@3=4?!D52! @28!7A>3=D5289!

6[62!<;7A;@=;289! 84?3! G4?@=KA262?3! I4??28!S!D5E2::28! 84?3!7488=I:262?3! =?><>73;28!

745A!:28!@=A@4?83>?@28!<5!6462?39!6>=8!D5E2::28!745AA>=2?3!:5=!74A32A!82@45A8!<>?8!:2!

G535AH! #?! <;G=?=3=F29! :E=<2?3=3;! <5! 8g83K62! \45A?>:=83=D52! 82! 3A45F2A>=3! @4?83>662?3!

A2:;B=3=6;29! :28! 7A>3=D528! <4?3! =:! 283! :2! @A;>325A! ;3>?3! 8>?8! @2882! A2@4?<5=328! 23!

A26=828!Z!?=F2>5H!!

^!7A26=KA2!F529!<4?@9!:2!\45A?>:=862!826I:2!;7A45F2A!<2!:>!<=GG=@5:3;!Z!82!<=884@=2A!<2!

84?!7>88;!745A!F;A=3>I:262?3!82!A;=?F2?32AH!(:!>77>A>m39!2?!@:>=A9!267A=84??;!<>?8!84?!

8g83K629!45!>53A262?3!<=39!84?!@><A2!5+/"%",.$?0+/,)-(#.(@+"H!]F=<2662?39!4?!?2!7253!D52!87;@5:2A!85A!@2!D5=!>AA=F2A>=3!8=!:2!\45A?>:=862!82!<;3>@J>=3!<2!84?!8g83K62!85A!:>!

I>82! <5! A>=84??262?3! ;3>I:=! \58D5E=@=!W! 8=! :2! A27:=! <5! \45A?>:=862! 85A! :5=06[62!

7A4F4D52!:2!A2@45A8!Z!:E>534A;G;A2?@29!:>!#0/.("$'+$?0+/,)-(#%"$'"$#0,$#X#.<%"!745AA>=3!7488=I:262?39! Z! :E=?F2A829! 2?B2?<A2A! <28! 7A>3=D528! 8>?8! 7A;@;<2?38! A2@4??>=88>I:28!

<>?8! 84?! 7>88;H! %2332! <2A?=KA2! =<;29! Z! ?E2?! 7>8! <4532A9! 283! =?3A=B>?32H! #3! 845:KF2!

=?;F=3>I:262?3!:>!D5283=4?!85=F>?32!W!Z!D54=!A28826I:2A>=3!:2!\45A?>:=862!8E=:!#0/.)(.$'"$#0,$#X#.<%"9!IA2G!<2!-+(C%c%"$q!!

"*-!:.:/*(+-!):5,(,+&,%*-!)4!-T-+?/*!7&4%(#.,-+,94*!

&F>?3!<E>I4A<2A!@2332!D5283=4?9! =:!>77>A>m3!34532G4=8!7A=64A<=>:!<2!8E=?32AA4B2A!85A! :>!

7:>58=I=:=3;! <E5?2! #0/.("$ '+$ ?0+/,)-(#%"$ '"$ -+(C%c%"H! -?! ;F=32A>! >=?8=! <2! <;@A=A2!:E=67488=I:2H! +?2!6>?=KA2! <E>I4A<2A! @23! 4I\23! <2! A;G:2C=4?! 283! <2! 82! <26>?<2A! 8=! :2!

\45A?>:=862! @4?32674A>=?9! 32:! D52! 7A>3=D5;! 2?! -@@=<2?39! 7488K<2! <28! ;:;62?38!

<;G=?=34=A28! <4?3! :E>I82?@2! @4?G=A62A>=3! :E)7#",4"$ '"$ ?0+/,)-(#%"H! ">! 7A;82?32! 8458082@3=4?!8E2GG4A@2A>!<2!A27;A2A!<2!32:8!;:;62?389! 2?!>?>:g8>?3! :>!D5283=4?!8458! :E>?B:2!

<2! :E;7=83;64:4B=29! <28! F>:25A89! <2! :>! G4A62! 23! <5! G4?<H! d>A2=:! 2C2A@=@2! ?2! 7253! [3A2!

>@@467:=!D52!7>A!"E5&/(",4"$'"$5",#&"!23!@4674A329!2?!@4?8;D52?@29!5?!G4A3!@>A>@3KA2!87;@5:>3=GH! (:! 826I:2! ?;>?64=?8! 53=:2! 745A! <;:=6=32A! :>! 6>AB2! <2! 6>?o5FA2!

@4?@27352::2!<4?3!4?!<=87482!745A!#0/.(/$-"$?0+/,)-(#%"$'"$#0,$#X#.<%"H!,58D5E4l!725304?!<;3>@J2A! :2! \45A?>:=862!<2!8>!I>82!q!&7AK8!D54=!<2F=2?30=:!8=!6;@4??>=88>I:2!D5E=:!

?E283!7:58!72Af5!@4662!<5!\45A?>:=862!q!!

"E>?B:2!;7=83;64:4B=D529!<E>I4A<H!$2:4?!">I>8829!=:!283!<=GG=@=:2!<E>33A=I52A!5?2!V!:)I0,$5)/.(4+-(</"$ '"$ 40,,)l./"!X! >5! \45A?>:=8629! @2332! 7A>3=D52! 8E>775g>?3! 85A! 5?2!6;3J4<4:4B=2!PV!/)550/."/!X9!V!.&%0(;,"/!X9!V!),)-X#"/!XU9!D5=9!<>?8!:E>I84:59!?2!3A><5=3!7>8! 5?! V!%0'"$ '3)55/&6",#(0,$ '+$ /&"-$ @+($ -+($ #0(.$ 5/05/"!X! PQOLR9! 7H!cUH! -A9! <>?8! :2!6[62!326789!8>!6;3J4<4:4B=2!283!85GG=8>662?3!@4<=G=;2!745A!D5E4?!2?!A2@4??>=882!:>!

8=?B5:>A=3;9!<2!6[62!D52! :>!7>A3=@5:>A=3;!<5!A2B>A<!D5=! 2?!;6>?2H!#3!8=!2::2!?E283!7>8!

2C@:58=F2! >5C! \45A?>:=83289! A>A28! 84?3! :28!,0,C?0+/,)-(#."#! D5=! <=87482?3! <5! 32678! 23!

)LLO ($$.!LQTO0OOTQ!!!$#%-.*#!$])(#9!.+/])-!L!!!!!!!!!!!!!!!

<28!A28845A@28!745A!>77A;J2?<2A!:2!64?<2!82:4?!828!7A;@27328H!&588=!">I>882!PQOLRU!

@4?8=<KA2030=:! :>! V!:)I0,$ '"$ 40,,)l./"!X! <28! \45A?>:=8328! @4662! 5?2! V!%&#0C&5(#.&%0-0;("!X! P7H! cU9! 5?! 64<2! <2! @4??>=88>?@2! Z! 6=0@J26=?! 2?3A2! :>! 72?8;2!8@=2?3=G=D52!<4?3!2::2!?E>332=?3!7>8!:2!<2BA;!<2!847J=83=@>3=4?9!23!:>!72?8;2!;/),'$5+7-(49!D5E2::2! 85A7>882!2?! A=B525AH!^! I=2?!<28!;B>A<89! @2332!%&#0&5(#.&%0-0;("9! @J2F=::;2! >5!@o5A! <5! 8g83K62! \45A?>:=83=D529! >77>A>m3! @4662! :E2882?3=2:! 74=?3! <E;D5=:=IA2! D5=!

72A623! >5C! <=8@45A8! \45A?>:=83=D528! <E[3A2! =<2?3=G=;8! @4662! 32:8!S! 5?! @467A46=8!

;7=83;64:4B=D52!D5=!267[@J2!:2!\45A?>:=862!<2!846IA2A!<>?8!:E>?2@<4329!:2!A46>?9!45!

Z!:E>53A2!2C3A[629!:2!3A>=3;!8@=2?3=G=D52H!!

-?! 7253! >588=! 2?F=8>B2A! :>! D5283=4?! 8458! :E>?B:2! <28! F>:25A8! D5=! <;G=?=A>=2?3! :2!

\45A?>:=862H! -?! >! ;F4D5;! 7A;@;<2662?3! D52:D52805?28! <E2?3A2! 2::28!W! 5?! V!#"/>(4"$'3(,.&/c.$ 5+7-(4!X9! V!-3)+.0,0%("!X9! V!-3&.6(@+"!X9! 23@H! P*25r29! QOOR9! 7H!ccNUH! d45A! :25A!7>A39!z4F>@J!23!)482?3=2:!PQOOLU!4?3!A2:2F;!?25G!7A=?@=728!2882?3=2:8!<5! \45A?>:=8629!

=?@>A?>?3!Z!:>!G4=8!<28!F>:25A8!23!<28!2?B>B262?38!W!TU$N0+/,)-(#%3#$:(/#.$07-(;).(0,$(#$.0$.6"$./+.6$f$pU$9.#$:(/#.$-0X)-.X$(#$.0$4(.(z",#$f$OU$9.#$"##",4"$(#$)$'(#4(5-(,"$0:$>"/(:(4).(0,$f$tU$9.#$5/)4.(.(0,"/#$%+#.$%)(,.)(,$),$(,'"5",'",4"$:/0%$.60#"$.6"X$40>"/$f$}U$9.$%+#.$#"/>"$)#$),$(,'"5",'",.$%0,(.0/$0:$50M"/$f$uU$9.$%+#.$5/0>('"$)$:0/+%$:0/$5+7-(4$4/(.(4(#%$),'$40%5/0%(#"$f$`U$9.$%+#.$#./(>"$.0$%)^"$.6"$#(;,(:(4),.$(,."/"#.(,;$),'$/"-">),.$f$qU$9.$%+#.$^""5$.6"$,"M#$40%5/"6",#(>"$),'$5/050/.(0,)-$f$|U$9.#$5/)4.(.(0,"/#$%+#.$7"$)--0M"'$.0$"E"/4(#"$.6"(/$5"/#0,)-$40,#4(",4"!P7H!LQ0L1UH!!

"2!I53!?E283!7>8!=@=!<2!8>F4=A!8=!:28!\45A?>:=8328!84?3!Z!:>!J>5325A!<2!@28!2?B>B262?38H!

/>=8!7:53i3!<2! @4?83>32A! D52! :2! 8g83K62! \45A?>:=83=D52! 82A>=3! I=2?!725!<2! @J4828! 8E=:!

?E;3>=3!7>8!>A3=@5:;!>5345A!<E5?2!V!'(%",#(0,$)E(0-0;(@+"!X9!Z!8>F4=A!V!+,$'(#40+/#$:0,'&$#+/$ -3(,.&/c.$ 5+7-(4$ ".$ #"$ /&4-)%),.$ '+$ /"#5"4.$ '"$ 5/(,4(5"#$ %0/)-"%",.$/"40%%),')7-"#!X! P">I>8829! QOLR9! 7H!LQU! (6>B=?4?8! 5?!6;<=>! <E=?G4A6>3=4?! D5=! ?2!A2F2?<=D52A>=3! >5@5?! <28! 7A=?@=728! ;F4D5;8! 7>A! *25r2! PQOORU! 45! z4F>@J! 23!

)482?83=2:!PQOOLUH! (:!g!>!G4A3!Z!7>A=2A!D5E4?!?Eg!F2AA>=3!7>8!<5!\45A?>:=862!6>=8!<2! :>!

7A47>B>?<29! <5! 75A! <=F2A3=88262?3! 45! <2! :>! 75I:=@=3;H! ]F=<2662?39! 4?! 7253!

A26>AD52A! D52! :2! \45A?>:=862! 8E2C2A@2! 2?! A;B=62! >534A=3>=A2! 82:4?! <28! =<;>5C! I=2?!

<=GG;A2?38H!/>=8!2830@2!I=2?!<5! \45A?>:=862!239!8=!45=9!5?2!F2A8=4?!D5E4?!845J>=32!F4=A!

2C74A3;2! J4A8! <28! GA4?3=KA28! 4l! =:! 82! 7A>3=D52!q! &=?8=9! =:! >772A3! D52! :2! 8g83K62!

\45A?>:=83=D529! ?4A<0>6;A=@>=?! 45! 4@@=<2?3>:9! 283! =?<=884@=>I:2! <2! F>:25A8! 82AF>?3! Z!

B5=<2A! 84?! >@3=4?! >=?8=! D5EZ! 8=B?>:2A! Z! 84?! 2?F=A4??262?3! 2C3;A=25A! 8>! @4?@273=4?!

7>A3=@5:=KA2!<2!84?!Ai:2!84@=>:H!a>?3i3!8=67:262?3!A2F2?<=D5;289!3>?3i3!=?@>A?;289!@28!

F>:25A8! ?2! :5=! 84?3! 7>8! 2C@:58=F28H! (:! ?E2?! A2832! 7>8! 64=?8! D5E=:! ?2! 7253! g! >F4=A! <2!

\45A?>:=862!8>?8!:>!745A85=32!<E5?!@2A3>=?!?46IA2!<E2?3A2!2::28H!

#?G=?9!4?!?2!7253!=B?4A2A!:>!:0/%"!<5!\45A?>:=862H!"2!8g83K62!\45A?>:=83=D52!A;74?<!Z!5?! @2A3>=?! ?46IA2! <2! @4?G=B5A>3=4?8! <=8@5A8=F28! D5=! 72A62332?3! Z! 828! 7A4<5@3=4?8!

<E[3A2! =<2?3=G=;89! B;?;A>:262?3! >=8;62?39! @4662! <5! \45A?>:=862!W! :E>??4?@2! <2! G>=38!

?45F2>5C!45! <2! G>=38! \58D520:Z! =?@4??58!<5! BA>?<!75I:=@!S! 5?2! @4?83A5@3=4?!<5! A;@=3!

>5345A! <2! 74=?38! <2! F52! <=F2AB2?38!S! 5?2! J=;A>A@J=8>3=4?! <2! :E=?G4A6>3=4?! >A3=@5:;2!

>5345A! <5! 7A=?@=72! <2! :>! 7gA>6=<2! =?F2A8;2!S! :28! R! V!`!X! <28! <;7[@J28! <E>B2?@29!

:E58>B2!<2!@=3>3=4?8!<=A2@328!S!5?!83g:2!@4?@=8!23!G>@352:9!23@H!/[62!:28!>6>325A8!D5=!82!

7A[32?3! >5! \25! <5! \45A?>:=862! A27A4<5=82?3! I=2?! 845F2?3! @28! G4A65:289! 3453! @4662!

<E>=::25A8!:28!6;<=>8!>:32A?>3=G8!45!@=34g2?8H!!

! "#$!%&'(#)$!*+!,-+).&"($/#!0!)#%'#)%'#$! )LLL!

/>:BA;! @2:>9! =:! >77>A>m3! @4662! A;<5@325A! <2! 8E>AA[32A! Z! :>! @46748>?32! G4A62::2! <5!

\45A?>:=862! 745A! g! A27;A2A! @2! D5=! 82A>=3! <28! G4?<>62?3>5C! <2! @2332! 7A>3=D52!

7A4G288=4??2::2H! &7AK8! 34539! :2! \45A?>:=862! <E=?87=A>3=4?! :=33;A>=A29! @2:5=! <28!

J2I<46><>=A289! 82! \452! J>I=:262?3! <28! @4?G=B5A>3=4?8! <=8@5A8=F28! ;?56;A;28! 7:58!

J>53H!&=?8=9!6[62!8=!:E4?!?2!7253! =B?4A2A!:>! :0/%"9!=:!G>53!2?@4A2!<>F>?3>B2!8E>33>A<2A!>5!:0,'!<5!<=8@45A8!\45A?>:=83=D529! :2D52:!53=:=829!@4662!6>3;A=>5C!7A26=2A8!745A!8>!@4?83A5@3=4?9! <28! G>=38! A;2:8! D5E=:! J=;A>A@J=82! 2?! G4?@3=4?! <2! :E=674A3>?@2! D5E=:! :25A!

>@@4A<2H! (:!?2!8E>B=3!7>8! =@=!<2!7A;32?<A2!D52!:2!8g83K62!\45A?>:=83=D52!84=3!:2!825:!D5=!

./)>)(--"$ -)$ /&)-(.&! 23! D5E=:! ?E283! <E>5@5?2! 6>?=KA2! 7;?;3A;! 7>A! :2! V!5/(,4(5"$40,#./+4.(>(#."$ '"$ -)$ 40%%+,(4).(0,!X! Ps>53J=2A9! QOLO9! 7H!QYLUH! />=8! <2! 845:=B?2A!7:53i3! :2! @>A>@3KA2! =?@4?345A?>I:2! <5! A;2:! 745A! :2! 8g83K62! \45A?>:=83=D52H! $E=:! 8E2?!

;:4=B?2! 3A47!k!45! >53A262?3!<=39! 8=! 828!<=8@45A8! @4?3=2??2?3! 3A47! 725!<2! A;G;A2?38!Z!

<28!;F;?262?389!<28! :=25C!45!<28!72A84??28! A;2:8!<4?3!4?!7253! >332832A! :E2C=832?@2!k!

6=?=628! 84?3! :28! @J>?@28! D52! 828! 7A4<5@3=4?8! 75=882?3! [3A2! :>AB262?3! A2@4??528!

@4662!<5!\45A?>:=862H!

&=?8=9! =:! 826I:2! D52! :2! 8g83K62! \45A?>:=83=D52! 84=3! <;G=?=! 7>A! <28! ;:;62?38!

<=8@2A?>I:28!W! 5?2! V!%&#0&5(#.&%0-0;("!X! P">I>8829! QOLRU!S! 5?! 2?826I:2! <2! F>:25A8!3A><5=8>?3! 8>! @4?@273=4?! <2! 84?! Ai:2! 84@=>:!S! 5?2! 53=:=8>3=4?! <28! G>=38! A;2:8! @4662!

6>3;A=>5C!<2!I>82!<2!828!7A4<5@3=4?8!S!23!8E>B=88>?3!<2!:>!G4A629!5?2!6>?=KA2!3g7=D52!

<2! 7A;82?32A! 23! <2! J=;A>A@J=82A! @28! G>=38! A;2:8H! ^! <;G>53! <2! :2! A2?<A2! 5?=D529! @28!

;:;62?38!<5! 8g83K62! \45A?>:=83=D52! 84?3! @4?85I83>?3=2:8! Z! :>! A2@4??>=88>?@2!<2! 84?!

2C=832?@2! 7>A! >53A5=H! #?! <E>53A28! 64389! =:! g! >! )7#",4"$ '"$ ?0+/,)-(#%"! D5>?<! =:! g! >!>I82?@2!<2!@28!;:;62?38H!!

"3&41*%+4%*!)4!-T-+?/*!7&4%(#.,-+,94*!;!-&(!$4>.,0!!

-?!7253!6>=?32?>?3!A2F2?=A!Z!:>!D5283=4?!<2!<;7>A3!W!:2!8g83K62!\45A?>:=83=D52!72530=:!

#0/.(/$'"$-+(C%c%"$>G=?!<2!F;A=3>I:262?3!82!A;=?F2?32A$q!&!7A=4A=!?4?9!8=!:E4?!2?32?<!7>A!:Z!:E>I>?<4?!<28!;:;62?38!<;G=?=34=A28!;F4D5;8!7:58!J>53H!"E4I\23!D5=!;62AB2A>=3!<E5?2!

32::2! A;=?F2?3=4?! 82A>=3! 7488=I:262?3! 3A47! =?@4?BA59! 45! 3A47! 826I:>I:2! Z! <E>53A28!

7A4<5@3=4?8! <=8@5A8=F28! 745A! [3A2! A2@4??5! @4662! <5! \45A?>:=862H! *2F>?3! @2332!

=67488=I=:=3;9! 4?! 745AA>=3! =6>B=?2A! 5?! 7A4\23! 64=?8! A><=@>:! D52! :>! #0/.("$ '+$?0+/,)-(#%"$ '"$ -+(C%c%"9! 5?!7A4\23! D5=! >885A2A>=3! :E4CgB;?>3=4?!<2! 84?! 8g83K62!8>?8!2?3A>m?2A! 8>! <=87>A=3=4?H! %>A! :E2?\25! A;2:9! 84662! 345329! ?E283! 7>8! D52! :2! 8g83K62!

\45A?>:=83=D52!A27A2??2!23!A;=?32A7AK32!828!7A>3=D528!>?@=2??28H!"E2?\25!826I:2!7:53i3!

A;8=<2A!<>?8! :E2?3A2084=! \45A?>:=83=D52!D5=! G>=3!?>m3A2!828!7A>3=D528!>534A;G;A2?3=2::28H!

&=?8=9! :2! \45A?>:=862!745AA>=30=:!>F4=A!<>F>?3>B2! =?3;A[3! Z!0+>/(/!84?!8g83K62!D5EZ!2?!#0/.(/H!+?2!6>?=KA2!<E>@@467:=A!@2@=!745AA>=3![3A2!<2!:>=882A!84?!64?<2!2C3;A=25A!k!:2!75I:=@!k! 7;?;3A2A! 84?! 8g83K62! <E=?3;A[389! <E>87=A>3=4?8! 23! <2! @A=3KA28! <E>77A;@=>3=4?!

<=GG;A2?38!<28!8=2?8H!!

^!7A26=KA2!F529!:2!8g83K62!\45A?>:=83=D52!8E283!<;\Z!288>g;!Z!@23!2C2A@=@29!?43>662?3!

Z! 3A>F2A8! :>! 64<2! <5! 5+7-(4$ ?0+/,)-(#%! <>?8! :28! >??;28!LMTOH! %2332! 32?3>3=F2! <2!@2A3>=?8!6;<=>8!?4A<0>6;A=@>=?8!<2!82!A>77A4@J2A!<2!:25A!75I:=@!A2748>=3!>:4A8!85A!:>!

7A462882! <2! A2@2?3A2A! :>! @45F2A35A2! <2! :E>@35>:=3;! 85A! <28! 2?\25C! 845:2F;8! 7>A! :28!

:2@325A8! 25C06[628! P&?<2A84?9! QOLLUH! #?! 453A29! :E=?32A>@3=F=3;! <E(?32A?23! 23! <28!

A;82>5C! 84@=>5C! 826I:2! @4?<5=A2! ?>35A2::262?3! F2A8! 5?2! 7:58! BA>?<2! =?G:52?@2! <5!

75I:=@! 85A! :2! 8g83K62! \45A?>:=83=D52H! />:BA;! 34539! @2332! =?32A>@3=4?! >77>A>m3! @4662!

)LLQ ($$.!LQTO0OOTQ!!!$#%-.*#!$])(#9!.+/])-!L!!!!!!!!!!!!!!!

5?2!2C7A288=4?!3=6=<2!<E45F2A35A29!<>?8!:>!6285A2!4l!:28!\45A?>:=8328!@4?82AF2?3!5?2!

7A=6>53;!85A!:>!8;:2@3=4?!23!:2!3A>=3262?3!<28!=?G4A6>3=4?8H!!

+?2! 45F2A35A2! 7:58! 74588;2! <5! 8g83K62! \45A?>:=83=D52! 745AA>=3! @4?8=832A! 2?!

:E2GG>@262?3! <2! :>! :=B?2! <2! <;6>A@>3=4?! 2?3A2! 7A4<5@325A8! 23! A;@27325A89! 2?!

:E4@@5AA2?@2! :>! 7>A3=@=7>3=4?! >@3=F2! 23! @4?83>?32! <2! 8=67:28! @=34g2?8! <>?8! :>!

7A4<5@3=4?!<2!@4?32?58!<28!BA>?<8!6;<=>8H!$=!@2332!=<;2!>!<;\Z!;3;!3283;29!?43>662?3!

Z! :>!bb%9! 2::2! 826I:2!?E>F4=A! \>6>=8! ;3;!2C7:4=3;2! Z! 84?!7:2=?!7432?3=2:9! :E2C2A@=@2! 82!

:=6=3>?3! B;?;A>:262?3! Z! :E=?3;BA>3=4?! <2! V!+#"/C;","/)."'$ 40,.",.!X! {+s%|! P2CH!W!7J4348wF=<;48! 7A=828! 85A! :2! :=25! <E=?@=<2?38U! 23! A>A262?3! Z! <2! 8=B?=G=@>3=F28!

@4::>I4A>3=4?8! 2?3A2! \45A?>:=8328! 23!626IA28!<5! 75I:=@H!*28!;35<28! 85A! :E267:4=!<28!

+s%! 7>A! :28! 6;<=>8! @4?@:52?3! <E>=::25A8! Z! :E2C3A[62! A;3=@2?@2! <28! \45A?>:=8328! <2!

@4?8=<;A2A! :25A! 75I:=@! @4662! >53A2! @J482! D5E5?2! #0+/4"$ P`=::=>68! 23! >:H9! QOLL!S!`=38JB29!QOLQUH!!

(:! 8E>B=3! :Z! <E5?2! 6>?=KA2! 7>A6=! <E>53A28! <E2?F=8>B2A! :E45F2A35A2! <5! 8g83K62!

\45A?>:=83=D52!Z!84?!64?<2!2C3;A=25A!S!5?2!7488=I=:=3;!D5=!826I:2!>F4=A!@4662?@;!Z!82!

<288=?2A!6>=8!<4?3!:>!:4B=D52!?E>!\>6>=8!;3;!62?;2!3AK8!:4=?H!%2::20@=!?E283!;F=<2662?3!

7>8!8>?8! G>=::28H!-?!745AA>=3!@A>=?<A2!D5E5?!32:!7A4\23!?=2!34532!2C72A3=82!7>A3=@5:=KA2!

>5C! \45A?>:=8328!S! D52! :25A! 8>F4=A0G>=A2! 2?! 6>3=KA2! <2! @4::2@32! 23! <2! 3A>=3262?3! <2!

:E=?G4A6>3=4?9!I_3=!>5!G=:!<2!:E2C7;A=2?@29!84=3!\5B;!85A!:2!6[62!7=2<!<E;B>:=3;!D52!@2:5=!

<E>6>325A8H! -A9! :2! I53! ?E283! 7>8! =@=! <2! @4?3267:2A! 5?2! =<;2! 74588;2! Z! 84?! 2C3A[62!

:=6=32H!)2832!D52!:>!7>A3=@=7>3=4?!>@3=F2!23!@4?83>?32!<2!@=34g2?8!<>?8!:>!7A4<5@3=4?!<2!

:E=?G4A6>3=4?! 826I:2! 45FA=A! <28! 72A872@3=F28! <E=??4F>3=4?!S! 72A872@3=F28! D5=!

745AA>=2?3!;F2?352::262?3!>=<2A!:2!8g83K62!\45A?>:=83=D52!Z!82!A;=?F2?32A9!@2@=9!2?!:5=!

=?87=A>?3!<28!7A>3=D528!D5=!84=2?3!Z! :>! G4=8!@467>3=I:28!>F2@!828! G4?<>62?3>5C9!6>=8!

8>?8!:=2?8!A2@4??>=88>I:28!>F2@!84?!7>88;H!!

<)$;.,#/)$&

"2! 7A;82?3! >A3=@:2! >! >A3=@5:;! 5?! @><A2! >?>:g3=D52! <5! @J>?B262?3! \45A?>:=83=D52H! %2!

@><A29! D5=! ?2! 8E477482! 7>8! Z! <E>53A28! 72A872@3=F28! <E>?>:g829! 6>=8! :28! @467:K329! >!

2?3A27A=89! <>?8! 5?! 7A26=2A! 326789! <2! <;7>882A! :E=<;2! 82:4?! :>D52::2! :2! @J>?B262?3!

\45A?>:=83=D52!8E=?8@A=A>=3!<>?8!5?2!:4B=D52!<2!@>5828!Z!2GG238H! (:!8E283!2GG4A@;9!<>?8!5?!

82@4?<!326789!<2!@4?\5A2A!:2!7=KB2!<2!:>!6g47=2!J=834A=D52!2?!<;@A=F>?3!@4662?3!:28!

=??4F>3=4?8! <5! \45A?>:=862! 82A>=2?39! I=2?! 845F2?39! :>! A;>@35>:=8>3=4?! <2! 7A>3=D528!

>?@=2??28! ><>73;28! >5C! B4Ä38! <5! \45AH! ^! @28! G=?89! =:! >! ;3;! 7A4748;! <2! @4?8=<;A2A! :2!

@J>?B262?3! \45A?>:=83=D52! @4662! :2! A;85:3>3! <2! <25C! <g?>6=D528H! #3! <2! A2:2F2A! :>!

6>?=G283>3=4?!<2!@2332!<45I:2!<g?>6=D52!2?!2C>6=?>?3!3A4=8!@A=828!D5=!4?3!GA>77;!:28!

6;<=>8!<E=?G4A6>3=4?!<275=8!:>!82@4?<2!64=3=;!<5!ÇÇ2!8=K@:2!2?!&6;A=D52!<5!.4A<!W!:>!

@A=82!<2!:E4I\2@3=F=3;9!<5!64<K:2!4AB>?=8>3=4??2:!23!<2!:>!:;B=3=6=3;!<28!\45A?>:=8328!2?!

84@=;3;H!

">! 7A26=KA2! <2! @28! <g?>6=D528! 283! <E4A<A2! <=>:2@3=D52H! "2! @J>?B262?39! >030=:! ;3;!

4I82AF;9! 85AF=2?<A>=3! 7>A! 85=32! <2! 32?8=4?8! 2?3A2! G4A@28! >?3>B4?=8328H! #3! =:! >! ;3;!

2C7:=D5;! D52! :>! 6>?=G283>3=4?! <2! @23! >?3>B4?=862! <>?8! :E5?=F2A8! \45A?>:=83=D52!

3A45F2A>=3!84?!@4AA2874?<>?3!<>?8!:2!<;7J>8>B2!D5E4?!?432!7>AG4=8!2?3A2!:2!6>=?3=2?!

<2!@2A3>=?28!7A>3=D528!23!:E;62AB2?@2!<2!?45F2>5C!@4?32C328!<E2C2A@=@2!D5=!32?<2?3!Z!

=?F>:=<2A!@28!7A>3=D528H!&=?8=!:>!@A=82!<2!:E4I\2@3=F=3;!>0302::2!=::583A;!:2!G488;!2?3A29!<E5?!

@i3;9!5?2! @4?@273=4?!<5! \45A?>:=862! >C;2! 85A! :2! @467320A2?<5! G>@352:! 23!?253A2!<28!

! "#$!%&'(#)$!*+!,-+).&"($/#!0!)#%'#)%'#$! )LL1!

;F;?262?38! >=?8=! D5E5?2! F=8=4?! 5?=3>=A2! <5! 75I:=@9! 23! <2! :E>53A29! 5?! 5?=F2A8!

6;<=>3=D52!74830LMYO!6>AD5;!7>A!:E;62AB2?@2!<E5?2!V!)'>"/#)/X$4+-.+/"!X!P$@J5<84?9!LMNTU9! :>! GA>B62?3>3=4?! >@@A52! <2! :E>5<=34=A2! 23! :EJg72A@4?@5AA2?@2H! ">! @A=82! <5!

64<K:2! 4AB>?=8>3=4??2:! >9! D5>?3! Z! 2::29! 845:=B?;! :2! <;@>:>B2! 2?3A2! <28! 83>?<>A<8!

7A4G288=4??2:8! J;A=3;8! <5! ?0+/,)-(#%"$ '3(,:0/%).(0,! 23! :E>FK?262?39! >5! 345A?>?3! <5!ÇÇ(2!8=K@:29!<E5?!2?F=A4??262?3!<2!3A>F>=:!@>A>@3;A=8;!7>A! :E5I=D5=3;!<28!32@J?4:4B=28!

?56;A=D528!23! :E=?32?8=G=@>3=4?!<28!7A288=4?8! @4662A@=>:28H! ">! @A=82!<2! :>! :;B=3=6=3;9!

2?G=?9! >! A;F;:;! :E;@>A3! BA>?<=88>?3! 2?3A2! :2! Ai:2! <E=?32A6;<=>3=4?! D52! 845J>=32?3!

345\45A8! 4@@572A! :28! \45A?>:=8328! 23! :28! >332?328! <5! 75I:=@! 2?F2A8! :28! 6;<=>8!

<E=?G4A6>3=4?! <>?8! 5?!64?<2! Jg72A@4??2@3;9! <;J=;A>A@J=8;! 23! 3A>F2A8;! 7>A! :>! 74830

F;A=3;H! ai3! 45! 3>A<9! >030=:! ;3;! @4?@:59! :2! 8g83K62! \45A?>:=83=D52! 8E2C3=A72! <2! :E;3>3! <2!

@A=82! <>?8! :2D52:! :2! 7:4?B2! :>! 32?8=4?! 2?3A2! 7A>3=D528! 23! @4?32C32! 2?! =??4F>?3H!

"E=??4F>3=4?!7A2?<!:>!G4A62!<2!?45F2::28!7A>3=D528!D5=!@4?3A=I52?3!6462?3>?;62?3!

Z!<2882AA2A!:28!32?8=4?8H!!

">! <25C=K62! <g?>6=D52! <5! @J>?B262?3! \45A?>:=83=D52! >! ;3;! D5>:=G=;2!

<E>534A;G;A2?3=2::2H! (:! >! ;3;! >AB5;! D52! :2! \45A?>:=862! 2C2A@2A>=3! :2! @J>?B262?3! 2?!

75=8>?3!<>?8!84?!7A47A2! A;72A34=A2!<2!7A>3=D528!7>88;28!S!D5E=:!<;?452A>=3! :28!@A=828!

<5!6462?3!2?!A2F>:4A=8>?3!<28!58>B28!346I;8!2?!<;85;35<2H!">!@A=82!<2!:E4I\2@3=F=3;!

>5A>=3! ;3;! >33;?5;2!7>A! :2! V!?0+/,)-(#%"$'"$ 40%%+,(4).(0,!X! P%J>AA4?!23!<2!b4?F=::29!LMMYU9!84=3! :2!A2345A!2?! G4A@2!<2!3A>=38!8>=::>?38!>884@=;8!>5! \45A?>:=862!<E47=?=4?!<5!

<;I53! <5! Ç(Ç2! 8=K@:2!S! :>! @A=82! <5! 64<K:2! 4AB>?=8>3=4??2:! >5A>=3! 2?B2?<A;! <28!

(,,0>).(0,#$ 32::28! D52! :2! \45A?>:=862! 65:3=7:>32G4A62w65:3=3_@J29! :2! \45A?>:=862!<E267A5?3!23! :2! \45A?>:=862!2C32A?>:=8;!D5=!A2?F4=2?3!345328!Z!<28!6>?=KA28!<2!G>=A2!

<2!:>!7A2882!<5!Çn(((2!23!<5!<;I53!<5!Ç(Ç2!8=K@:2!S!23!:>!@A=82!<2!:;B=3=6=3;!>5A>=3!=?87=A;!

:>! A;>GG=A6>3=4?! <2! 7A=?@=728! A>33>@J;8! Z! 5?2! F=8=4?! =<;>:=8;2! <5! V!?0+/,)-(#%"$'3(,:0/%).(0,!X!P%J>AA4?!23!<2!b4?F=::29!LMMYU!7A;0LMTOH!!

"E>A3=@5:>3=4?! <2! @2! @><A2! <E>?>:g82! <5! @J>?B262?3! \45A?>:=83=D52! >! @4?<5=3! Z! :>!

D5283=4?!85=F>?32!W! D52! ?458! <=3! <5! \45A?>:=862! 8>! 7A472?8=4?! Z! :E>534A;G;A2?@2!q! ^!

@2::20@=9!=:!>!;3;!A;74?<59!<E5?2!7>A39!D52!:>!32?<>?@2!<5!\45A?>:=862!Z!75=82A!<>?8!84?!

A;72A34=A2!<2!7A>3=D528!7>88;28!<4??2!Z!F4=A!:E=6>B2!<E5?!8g83K62!725!2?!6285A2!<2!

5",#"/$0+$'"$#0/.(/$60/#$'"$-+(C%c%"9!@E2830Z0<=A2!<2!828!=?3;A[389!<2!828!?4A6289!<2!828!7A>3=D528!23!<2!828!@A=3KA28!<E>77A;@=>3=4?H!(:!>!;3;!>F>?@;9!<E>53A2!7>A39!D52!:2!A;G:2C2!Z!

:E>534A;G;A2?@2! 826I:2! 7>A3=@=72A! <E5?2! :4B=D52! <2! A2:;B=3=6>3=4?! <5! 8g83K62!

\45A?>:=83=D52! 2?F2A8! :5=06[62! <>?8! :E473=D52! <2! 8>! @4?82AF>3=4?! 45! <2! 8>!

A27A4<5@3=4?H!!

#?!<;G=?=3=F29!:E2?\25!?E283!7>8!<2!8>F4=A!8E=:!283!<466>B2>I:2!D52!:2!\45A?>:=862!G>882!

A;G;A2?@2! Z! 828! 7A>3=D528! >?@=2??28H! "E2?\25! A;8=<2! 2?! A2F>?@J2! <>?8! :E2?3A2084=!

\45A?>:=83=D52!D5=!G>=3!?>m3A2!@28!7A>3=D528!>534A;G;A2?3=2::28H!a>?3!23!>588=!:4?B32678!

D52! :2! 8g83K62! \45A?>:=83=D52! A2832A>! A27:=;! 85A! :5=06[629! @2:5=0@=! 7253! 826I:2A!

@4?<>6?;! Z! A;;<=32A! <28! G4A65:28! D5=! A;>@35>:=82?3! 828! =?3;A[389! 828! ?4A6289! 828!

7A>3=D528!23!828!@A=3KA28!<E>77A;@=>3=4?H!!

-A9!:>!84:53=4?!?2!7253![3A2!:E2C3A>@3=4?!<5!\45A?>:=862!<2!84?!8g83K629!<>?8!:>!6285A2!

4l!@2:5=0@=!283!<;G=?=!7>A!5?!2?826I:2!<2!7>A>6K3A28!J4A8!<28D52:8! =:!g!>!>I82?@2!<2!

\45A?>:=862! k!@E2830Z0<=A2! 5?2! V!6;84;7=83;64:4B=2!X! P">I>8829! QOLRU!S! 5?! 2?826I:2!

<2! F>:25A8! 3A><5=8>?3! 8>! @4?@273=4?! <2! 84?! Ai:2! 2?! 84@=;3;!S! 5?2! 53=:=8>3=4?! <2! G>=38!

A;2:8!@4662!6>3;A=>5C!7A26=2A8!<2!828!<=8@45A8!S!5?2!6>?=KA2!3g7=D52!<E4AB>?=82A!23!

)LLc ($$.!LQTO0OOTQ!!!$#%-.*#!$])(#9!.+/])-!L!!!!!!!!!!!!!!!

<2! J=;A>A@J=82A! @28! G>=38! A;2:8H! "E5?2! <2! @28! 84:53=4?8! 745AA>=3! [3A2! :E45F2A35A2! <5!

8g83K62!Z!84?!64?<2!2C3;A=25A9!23!7:58!@4?@AK3262?39!:E=?3;BA>3=4?!>@3=F2!23!@4?83>?32!

<2!8=67:28!@=34g2?8!<>?8!828!>@3=F=3;8!D543=<=2??28H!!

%2::20@=! >77>A>m3! @4662! 5?2! 845A@2! <2! ?45F2::28! =<;289! <2! :>D52::2! 745AA>=3!

7488=I:262?3! ;62AB2A! <28! 7A>3=D528! =??4F>?328! 8>?8! :=2?8! A2@4??>=88>I:28! >F2@! :2!

7>88;!<5!\45A?>:=862!S!<2!:>D52::2!745AA>=3!?>m3A29!2?!846629!5?!F;A=3>I:2!@J>?B262?3!

\45A?>:=83=D52H!! !

!

R6(-(55"$ 20'/(;+"#C20+-")+$ "#.$ 4),'(').$ )+$ '04.0/).$ ",$ 40%%+,(4).(0,$ A$ -3K,(>"/#(.&$'3L..)M)U$

!

&

&8%:%-0$;0#&&

&?<2A84?9!%H`H!PQOLYUH!&8826I:=?B!d5I:=@89!&8826I:=?B!)453=?289!&8826I:=?B!n>:528W!

,45A?>:=83=@!$2:G0%4?@273=4?!>?<!3J2!%A=8=8!=?!,45A?>:=86H!*>?8!&:2C>?<2A!,2GGA2g!%H9!

b53:2A!bA2282!#:=r>I23J!23!"52?B4!/>A=>!P<=AHU!P7H!LR10LYMU9!Q6"$D/(#(#$0:$N0+/,)-(#%$2"40,#('"/"'8$="%04/).(4$D+-.+/"*$R/0:"##(0,)-$D0'"#*$=(;(.)-$H+.+/"H!!

&?<2A84?9!%H`H!PQOLLUH!*2:=I2A>3=F29!>B?483=@!>?<!>:B4A=3J6=@!>5<=2?@28W!\45A?>:=86E!

F=8=4?!4G!=38!75I:=@!=?!>?!>B2!4G!>5<=2?@2!3A>?87>A2?@gH!9,."/,).(0,)-$N0+/,)-$0:$D0%%+,(4).(0,9$}9!RQM0RcNH!!

b2<2A9!$J>A4?!PQOOcUH!/45:<=?B!>?<!/>?=75:>3=?B!3J2!.2t8H!*>?8!`J=329!)4I!P<=AHU9!

D0,./0>"/#("#$(,$W,>(/0,%",.)-$F04(0-0;X$P7H!QOc0QQOUH!/2:I45A?2!W!%>6IA=<B2!+?=F2A8=3g!dA288H!!

b2?e:2A9!�4@J>=!PQOLLUH!&!hA22!(AA2874?8=I:2!dA288W!`=e=:2>e8!>?<!3J2!b>33:2!4F2A!3J2!

$45:!4G!3J2!.23t4Ae2<!h45A3J!#83>32H!_)/>)/'$D(>(-$2(;6.#CD(>(-$!(7"/.("#$!)M$2">("M9!tu9!1LL01MNH!

b2A?=2A9!/>A@0hA>?f4=8!PQOOTUH!"28!=67>@38!<2!:>!@4?@2?3A>3=4?!23!<2!:>!@4?F2AB2?@2!

<28!6;<=>8!85A!:>!D5>:=3;9!:>!<=F2A8=3;!23!:E=?3;BA=3;!<2!:E=?G4A6>3=4?H!*>?8!b2A?=2A9!

/>A@0hA>?f4=8!P<=AHU9!N0+/,)-(#."#$)+$5)X#$'"$-)$40,>"/;",4"$8$F&/&,(.&*$%)-)(#"$".$'&./"##"$'),#$-)$5/0:"##(0,$P7H!1N0NYUH!p5;I2@!W!dA28828!<2!:E+?=F2A8=3;!">F>:H!!

b2A?=2A9!/>A@0hA>?f4=8!PQOLYUH!"E;62AB2?@2!<E5?!R2!745F4=A!@4662!845A@2!

<E=6753>I=:=3;H!*>?8!b2A?=2A9!/>A@0hA>?f4=8!P<=AHU9!!"$4(,@+(<%"$50+>0(/$8$-)$,0+>"--"$(%5+.)7(-(.&$'"#$%&'()#$",>"/#$-"+/#$5+7-(4#$P7H!M0YQUH!p5;I2@!W!dA28828!<2!:E+?=F2A8=3;!">F>:H!!

bA>?389!z228!23!<2!'>>?9!�>2:!PQOLOUH!a>e=?B!3J2!d5I:=@!$2A=458:gW!aJA22!/4<2:8!4G!

)2874?8=F2?288!=?!/2<=>!>?<!,45A?>:=86H!G"'()*$D+-.+/"$Ç$F04(".X9!Op!P1U9!cLL0cQTH!!

bA=?!%4:23329!%J>AA4?!,2>?!23!<2!b4?F=::2!,2>?!PQOOcUH!j).+/"$".$./),#:0/%).(0,$'+$?0+/,)-(#%"$8$.6&0/("$".$/"46"/46"#$"%5(/(@+"#H!p5;I2@!W!dA28828!<2!:E+?=F2A8=3;!">F>:H!!

! "#$!%&'(#)$!*+!,-+).&"($/#!0!)#%'#)%'#$! )LLR!

%J>AA4?9!,2>?!23!<2!b4?F=::29!,2>?!PLMMYUH!"2!7>A><=B62!<5!\45A?>:=862!<2!

@4665?=@>3=4?!W!288>=!<2!<;G=?=3=4?H!D0%%+,(4).(0,9!T`!PQU9!RO0MNH!!

bA5?89!&C2:!PQOORUH!B)."M).46(,;8$D0--)70/).(>"$L,-(,"$j"M#$R/0'+4.(0,H!b2A?2!W!d232A!">?BH!

bA5?89!&C2:!23!'=BJG=2:<9!a=6!PQOLQUH!b:4B89!at=332A9!>?<!bA2>e=?B!.2t8W!3J2!

dA4<58>B2!4G!%=3=r2?!,45A?>:=86H!*>?8!"=?<9!)2I2@@>!&H!P<=AHU9!R/0'+#(,;$Q6"0/X$(,$)$=(;(.)-$Ä0/-'8$Q6"$9,."/#"4.(0,$0:$]+'(",4"#$),'$R/0'+4.(0,$(,$D0,."%50/)/X$Q6"0/XH!.2t!�4Ae!W!d232A!">?BH!!

%2@=:9!/>33J2t!PQOOQUH!b><!>77:28W!7>A><=B6!4F2AJ>5:!>?<!3J2!%..wQ(%"$ba>=:t=?<u!$34AgH!N0+/,)-$0:$D0%%+,(4).(0,$9,@+(/X9!pu!PLU9!cY0RMH!!

%4J2?9!.=@4:2!$H!PQOLYUH!Ä/(."/#3$2(;6.#8$H/""-),4"$N0+/,)-(#%$(,$)$=(;(.)-$];"H!/@s=::0p522?E8!dA2880/p+dH!!

*2!b4?F=::29!,2>?!PLMTTUH!!)$5/"##"$@+&7&40(#"$'"$Tqqt$A$T|Tt$8$;",<#"$'3+,$%&'()$'"$%)##"H!$>=?320h4g!W!dA28828!<2!:E+?=F2A8=3;!">F>:H!!

*25r29!/>Ae!PQOORUH!`J>3!=8!,45A?>:=86q!dA4G288=4?>:!(<2?3=3g!>?<!(<24:4Bg!4G!

,45A?>:=838!)2@4?8=<2A2<H!N0+/,)-(#%9!u!PcU9!ccQ0cYcH!!

h2?34?9!.>3>:=2!23!*4t?2g9!,4J?!PQOO1UH!%45?32A!d5I:=@!$7J2A28!>?<!s:4I>:!

/4<2A?=3gH$N0+/,)-$0:$.6"$W+/05"),$9,#.(.+."$:0/$D0%%+,(4).(0,$),'$D+-.+/"9!TP!PLU9!LR01QH!

hA>82A9!.>?@g!PLMMOUH!2".6(,^(,;$.6"$R+7-(4$F56"/"8$]$D0,./(7+.(0,$.0$.6"$D/(.(@+"$0:$]4.+)--X$WE(#.(,;$="%04/)4XH!*5AJ>69!.4A3J!%>A4:=?>!W!*5e2!+?=F2A8=3g!dA2889!PQRwQYU9!RY0TOH!

s>53J=2A9!s=::28!PQOLOUH!"2!\45A?>:=862!<2!@4665?=@>3=4?!W!2C7A288=4?!<2!@4?F=@3=4?!

23!64A>:=862H!!"#$D)6("/#$'+$?0+/,)-(#%"9!PQLU9!QRc0QN1H!!

sA>J>69!dJ=:=7!23!/@z2??>9!b2A?>A<!PQOOOUH!&!aJ24A23=@>:!>?<!&?>:g3=@>:!$g?3J28=8!4G!

&53474=28=8!>?<!$4@=4:=?B5=83=@8!G4A!3J2!$35<g!4G!-AB>?=r>3=4?>:!%4665?=@>3=4?H!

F04()-$F"%(0.(4#9!TP!PLU9!cL0RMH!!

sA>F28!"5@>89!.gJ>?!bA2?<>?!23!)2=G:2A!,>84?!PQOLYUH!+?<2A83>?<=?B!(??4F>3=4?8!=?!

,45A?>:=83=@!7A>@3=@2W!&!h=2:<!#C72A=62?3!#C>6=?=?B!/43=F>3=4?8!G4A!h>@30%J2@e=?BH!

N0+/,)-$0:$D0%%+,(4).(0,9!uu9!LOQ0L1TH!!

'>582A9!s2A>A<!&H!PLMMTUH!%=F=:!84@=23g!>?<!3J2!7A=?@=7:2!4G!3J2!75I:=@!87J2A2H!

R6(-0#056X$Ç$26".0/(49!OT!PLU9!LM0cOH!!

'2B2:9!s24AB!`=:J2:6!hA=2<A=@J!PLTLNwLMNOUU$W,4X4-05&'("$'"#$#4(",4"#$56(-0#056(@+"#$9U$d$!)$#4(",4"$'"$-)$-0;(@+"!PbH!b45AB24=89!3A><5@3=4?UH!d>A=8!W!]<=3=4?8!n)(.!P45FA>B2!4A=B=?>:!75I:=;!2?!LTLN!8458!:2!3=3A2!W,zX^-05ä'("$'"/$56(-0#056(#46",$Ä(##",#46):.",$(%$B/+,'/(##"UH!

z>38=A2>9!(A=?=!PQOLQUH!`J4!=8!&GA>=<!4G!d5I:=@!$2AF=@2!bA4><@>83=?Bq!aJ2!*=B=3>:!h535A2!

4G!>?!&B20-:<!(?83=353=4?!+?<2A!aJA2>3H!m")/700^$0:$W+/05"),$!)M9!OT!PLU9!cLY0cRLH!!

)LLY ($$.!LQTO0OOTQ!!!$#%-.*#!$])(#9!.+/])-!L!!!!!!!!!!!!!!!

z>g29!b>AI>A>!zH!23!,4J?84?9!aJ46>8!,H!PQOLYUH!&@A488!3J2!sA2>3!*=F=<2W!'4t!

d>A3=8>?8J=7!>?<!d2A@273=4?8!4G!/2<=>!b=>8!(?G:52?@2!%J>?B28!=?!a=62!$72?3!t=3J!

/2<=>H!N0+/,)-$0:$J/0)'4)#.(,;$Ç$W-"4./0,(4$G"'()9!uP!PcU9!YOc0YQ1H!!

z2>?2!,4J?!hH9!a>g:4A!`H!&H9!aA526>?!/gG>?tg!23!`A=BJ3!s=::=>?!PLMMMUH!&534742=8=8!

=?!*=8?2g:>?<W!A2>885A=?B!@4?8562A8!F=>!>53474=23=@!IA>?<!6>?>B262?3H!

9,."/,).(0,)-$N0+/,)-$0:$]'>"/.(#(,;9!Tq9!RLM0R1YH!!

z4F>@J9!b=::!23!)482?83=2:9!a46!PQOOLUH!Q6"$W-"%",.#$0:$N0+/,)-(#%8$Ä6).$j"M#5"05-"$F60+-'$h,0M$),'$.6"$R+7-(4$F60+-'$WE5"4.U$.2t!�4Ae!W!%A4t?!d5I:=8J2A8H!

z5J?9!aJ46>8!PLMYQUH!Q6"$F./+4.+/"$0:$F4(",.(:(4$2">0-+.(0,#H!%J=@>B4!W!+?=F2A8=3g!4G!%J=@>B4!dA288H!!

">I>8829!b2A3A>?<!PQOOQUH!K,"$'X,)%(@+"$'"$-3(,#(;,(:(),4"U$!"#$%&'()#*$-"#$4(.0X",#$".$-)$460#"$5+7-(@+"$'),#$-)$r$#04(&.&$'"$-3(,:0/%).(0,$sH!n=::25AI>??2!W!dA28828!<2!:E2?88=IH!!

">I>8829!b2A3A>?<!PQOLRUH!*5!\45A?>:=862!@4662!5?2!6;84;7=83;64:4B=2H!

D0%%+,(4).(0,9!OO!PLU9!L0QMH!!

">e4GG9!)4I=?!aH!PQOLNUH!aJ2!'4::4t!/>?W!*4?>:<!aA5679!d475:=869!>?<!d4830aA53J!

d4:=3=@8H!N0+/,)-$0:$!),;+);"$),'$R0-(.(4#9!Tu!PcU9!RMR0YOYH!!

">F=::29!%>6=::2!PQOONUH!aA>?8G4A6>3=4?8!<28!@4?32?58!23!<5!64<K:2!\45A?>:=83=D52H!">!

<;7[@J2!<E>B2?@2H!2&#")+E9!t!PLc1U9!QQM0QYQH!!

"2!%>69!h:4A2?@2!PQOORUH!!3('",.(.&$'+$;/0+5"$'"#$?0+/,)-(#."#$'+$g+&7"4$)+$'&:($'39,."/,".!P3JK82!<2!<4@34A>39!+?=F2A8=3;!">F>:9!p5;I2@UH!!

"2!%>6!h:4A2?@29!d2A2=A>!h>I=4!'2?A=D52!23!)52::>?!*2?=8!PQOLcUH!(?3A4<5@3=4?H!*>?8!

"2!%>69!h:4A2?@2!23!)52::>?9!*2?=8!P<=AHU9!D6),;"%",.#$".$5"/%),",4"#$'+$?0+/,)-(#%"$P7H!T0LNUH!d>A=8!W!"E'>A6>33>?H!!

"2!%J>67=4?9!);6g!PQOLQUH!N0+/,)-(#%"$pUPU$j0+>"--"#$:0/%"#$?0+/,)-(#.(@+"#*$,0+>"--"#$40%5&.",4"#H!d>A=8!W!">!*4@562?3>3=4?!GA>?f>=82H!!

"2t=?9!z5A3!PLMc1UH!h4A@28!I2J=?<!G44<!J>I=38!>?<!623J4<8!4G!@J>?B2H!*>?8!Q6"$5/07-"%$0:$46),;(,;$:00'$6)7(.#U$2"50/.$0:$.6"$40%%(..""$0,$:00'$6)7(.#$P7H!1R0YRUH!`>8J=?B34?9!*H%H!W!.>3=4?>:!)282>A@J!%45?@=:H!!

"5J6>??9!.=e:>8!PLMML0LMMQwQOL1UH!9,./0'+4.(0,$.0$#X#."%#$.6"0/XH!/>:<2?!P+$&Uw%>6IA=<B2!P+zU!W!d4:=3g!dA288H!

/>A=>?4!<>!)4@J>!b>A=@J2::49!#5B[?=>!23!/2?2r28!%>AF>:J49!"5@=>?>!PQOLcUH!

,45A?>:=862!23!A;82>5C!84@=>5C!?56;A=D528H!aA>?8G4A6>3=4?8!<>?8!:2!7A4@28858!<2!

:;B=3=6>3=4?!=?83=353=4??2::2!7>A!:2!82AF=@2!<2!6=@A4!6288>B2A=2!at=332AH!*>?8!"2!%>69!

h:4A2?@2!23!)52::>?9!*2?=8!P<=AHU9!D6),;"%",.#$".$5"/%),",4"#$'+$?0+/,)-(#%"$P7H!NM0McUU$d>A=8!W!"E'>A6>33>?H!

/>AC9!z>A:!PLTYNwLMYRUH!!"$4)5(.)-$8$&'(.(0,$505+-)(/"$n/&#+%&C"E./)(.#o!P,H!b4A@J>A<3!23!,H0dH!$>684?9!3A><5@3=4?UH!d>A=8!W!dA28828!5?=F2A8=3>=A28!<2!hA>?@2!P45FA>B2!4A=B=?>:!

75I:=;!2?!LTYN!8458!:2!3=3A2!=)#$h)5(.)-U$h/(.(^$'"/$50-(.(#46",$L"^0,0%("UH!!

! "#$!%&'(#)$!*+!,-+).&"($/#!0!)#%'#)%'#$! )LLN!

/>3J=2?9!/=@J2:!PQOOLUH!"2!\45A?>:=862!<2!@4665?=@>3=4?!W!@A=3=D52!<E5?!7>A><=B62!

87;@5:>3=G!<2!:>!A27A;82?3>3=4?!<5!\45A?>:=862!7A4G288=4??2:H!g+)'"/,(9!t}!PLU9!LOR0L1RH!!

/>35A>?>9!'56I2A34!)H!23!n>A2:>9!hA>?@=8@4!,H9!PLMN1wLMTOUH!]+.050("#(#$),'$D0;,(.(0,8$Q6"$2")-(z).(0,$0:$.6"$!(>(,;H!*4A<A2@J3!Pd>g80b>8Uwb4834?!P]3>380+?=8Uw"4?<4?!P)4g>5620+?=U!W!*AH!)2=<2:!d5I:=8J=?B!%467>?gH!!

/=?<=@J9!*>F=<!aH!ÑH!PLMMTUH!N+#.$.6"$H)4.#8$_0M$ÖL7?"4.(>(.Xç$D)%"$.0$=":(,"$]%"/(4),$N0+/,)-(#%9!.2t!�4Ae!W!.�+!dA288H!

/4AB>?9!s>A23J!PLMTYwLMMMUH!9%);"#$'"$-30/;),(#).(0,!PQ2!;<=3=4?9!3A><5@3=4?UH!p5;I2@!W!dA2882!<2!:E+?=F2A8=3;!">F>:!P45FA>B2!4A=B=?>:!75I:=;!2?!LMTY!8458!:2!3=3A2!

9%);"#$0:$L/;),(z).(0,UH!!

.2F259!]A=@!23!hA>?f4=89!b>83=2?!PLMMMUH!W#5)4"#$5+7-(4#$%0#)Å@+"#U$]4."+/#*$)/<,"$".$/6&.0/(@+"$'"#$'&7).#$5+7-(4#$40,."%50/)(,#H!)2??28!W!dA28828!5?=F2A8=3>=A28!<2!)2??28H!!

.=@4:>=82?9!/>A=>!$e45!PQOLYUH!a2C3!>8!>?!&53474=23=@!$g8326W!d488=I=:=3=28!>?<!

"=6=3>3=4?8!4G!>?!&53474=23=@!&@@45?3!4G!*=B=3=r2<!a2C3H!Q6"$9,."/,).(0,)-$N0+/,)-$0:$D0%%+,(4).(0,$),'$!(,;+(#.(4$F.+'("#9!Tt!P1U9!L10QYH!!

d232A89!%JA=8!23!bA42A86>9!/>A@2:!PQOLQUH!(?3A4<5@3=4?W!)23J=?e=?B!,45A?>:=86W!3J2!

$3A5@35A>:!aA>?8G4A6>3=4?!4G!>!d5I:=@!s44<H!*>?8!d232A89!%JA=8!23!bA42A86>9!/>A@2:!

P<=AHU9!2".6(,^(,;$N0+/,)-(#%8$Q/+#.$),'$R)/.(4(5).(0,$(,$)$Q/),#:0/%"'$j"M#$!),'#4)5"H!.2t!�4Aew&I=?B<4?!W!)453:2<B2H!!

dJ=:=I2A39!,2>?0)2?;!PQOLNUH!!"$'(#40+/#$4/(.(@+"$#+/$-)$5/"##"$",$40,."E."$'"$%+.).(0,$'+$?0+/,)-(#%"$,0/'C)%&/(4)(,$8$Tq`P$A$T|TP!P3JK82!<2!<4@34A>39!+?=F2A8=3;!">F>:9!p5;I2@UH!!

d=@>A<9!)4I2A3!sH!PQOOcUH!%4662A@=>:=86!>?<!.2t87>72A!p5>:=3gH!j"M#5)5"/$2"#")/46$N0+/,)-*$p}$PLU*$Rc0YRH!!

)>I4g9!/>A@!PLMMcUH!aJ2!)4:2!4G!3J2!d5I:=@!=?!bA4><@>83=?B!)2B5:>3=4?!=?!d4:=@g0

/>e=?B!>?<!)2B5:>3=4?W!"2884?8!G4A!#5A472!GA46!%>?><>H!W+/05"),$N0+/,)-$0:$D0%%+,(4).(0,9!|9!7H!R0Q1H!!

$@J5<84?9!/=@J>2:!PLMNTUH!=(#40>"/(,;$.6"$j"M#8$]$F04()-$_(#.0/X$0:$]%"/(4),$j"M#5)5"/#9!.2t!�4Ae!W!b>8=@!b44e8!(?@H!

$2A>r=49!/=@J>2:!PQOLYUH!#?@4<=?B!3J2!d>A>?4=<!$3g:2!=?!&62A=@>?!d4:=3=@8W!u&?3=0

#83>I:=8J62?3u!*=8@45A82!>?<!d4t2A!=?!%4?32674A>Ag!$7=?H!D/(.(4)-$F.+'("#$(,$G"'()$D0%%+,(4).(0,9!OO!PQU9!LTL0LMcH!!

a5@J6>?9!s>g2!PLMNQUH!-I\2@3=F=3g!>8!$3A>32B=@!)=35>:W!&?!#C>6=?>3=4?!4G!.2t862?E8!

.43=4?8!4G!-I\2@3=F=3gH!]%"/(4),$N0+/,)-$0:$F04(0-0;X9!``!PcU9!YYO0YNMH!!

aA;<>?9!-:=F=2A!PQOLcUH!p5>?<!:2!\45A?>:=862!82!8>=8=3!<5!`2I!W!:E2C267:2!<5!

').)?0+/,)-(#%H!*>?8!"2!%>69!h:4A2?@2!23!)52::>?9!*2?=8!P<=AHU9!D6),;"%",.#$".$5"/%),",4"#$'+$?0+/,)-(#%"$P7H!LMM0QLcUU$d>A=8!W!"E'>A6>33>?H!!

)LLT ($$.!LQTO0OOTQ!!!$#%-.*#!$])(#9!.+/])-!L!!!!!!!!!!!!!!!

`=::=>68!&?<A2t9!`>A<:2!%:>=A2!23!`>J:0,4AB2?82?!z>A=?!PQOLLUH!aJ2!:=6=38!4G!

>5<=2?@2!7>A3=@=7>3=4?W!+s%!è!3J2!bb%H!*>?8!hA>?e:=?9!b4I!23!%>A:84?9!/>33!P<=AHU9!

N0+/,)-(#.#*$F0+/4"#$),'$D/"'(7(-(.X8$j"M$R"/#5"4.(>"#$P7H!LRQkLYYUH!.2t!�4Ae!W!)453:2<B2H!!

`=38@JB29!a>6>A>!PQOLQUH!%J>?B=?B!>5<=2?@289!@J>?B=?B!\45A?>:=86q!*>?8!"220`A=BJ3!

d232A9!dJ=::=78!&?B2:>!23!`=38@JB29!aH!P<=AHU9!D6),;(,;$N0+/,)-(#%!P7H!LLN0L1cUH!"4?<4?!W!)453:2<B2H!!

!